QUICK CO.,(SH:603203) China Post Securities·2025-05-13 10:45Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has shown steady growth in its performance, with 2024 revenue reaching 945 million yuan, a year-on-year increase of 19%, and a net profit attributable to shareholders of 212 million yuan, up 11% year-on-year [4]. - The semiconductor equipment sector presents significant technological breakthroughs, indicating a broad space for future growth [4]. - The company has successfully capitalized on the structural recovery in consumer electronics, with precision welding equipment revenue increasing by 32% year-on-year [5]. - Collaborations with major clients like Bosch and advancements in laser radar technology are expected to drive demand in smart manufacturing [5][6]. - The company anticipates revenue growth from 2025 to 2027, with projected revenues of 1.061 billion yuan, 1.298 billion yuan, and 1.496 billion yuan, respectively, reflecting growth rates of 12.31%, 22.29%, and 15.27% [7]. Financial Performance Summary - In 2024, the company achieved a revenue of 945 million yuan, with a gross profit margin of 51.5% [10]. - The net profit attributable to shareholders is projected to grow to 259 million yuan in 2025, with a corresponding PE ratio of 23.10 [7]. - The company's asset-liability ratio stands at 287%, indicating a relatively high level of debt [3].