QUICK CO.,(603203) Huachuang Securities·2025-05-16 05:25Investment Rating - The report assigns a "Strong Buy" rating for the company, with a target price of 33.92 CNY based on a 32x PE for 2025 [2][8]. Core Insights - The company is a leading provider of precision welding and assembly equipment, actively expanding into growth areas such as semiconductor packaging and machine vision [5][6]. - Revenue is projected to grow from 9.45 billion CNY in 2024 to 17.03 billion CNY by 2027, with net profit increasing from 2.12 billion CNY to 3.66 billion CNY during the same period [5][8]. - The company has a strong focus on R&D, with expenditures increasing from 0.28 billion CNY in 2019 to 1.33 billion CNY in 2024, reflecting a CAGR of 36.64% [29]. Financial Performance - Total revenue is expected to reach 9.45 billion CNY in 2024, with a year-on-year growth rate of 19.2% [5]. - Net profit is forecasted to be 2.12 billion CNY in 2024, with a growth rate of 11.1% [5]. - Earnings per share (EPS) are projected to increase from 0.85 CNY in 2024 to 1.47 CNY by 2027 [5][8]. Business Segments - The company operates in four main segments: precision welding and assembly equipment, machine vision process equipment, intelligent manufacturing solutions, and die bonding packaging equipment [12]. - The precision welding segment is expected to see revenue growth from 6.28 billion CNY in 2021 to 6.98 billion CNY in 2024, with a CAGR of 3.59% [5]. - The die bonding packaging equipment segment is projected to grow significantly, with revenue increasing from 0.03 billion CNY in 2021 to 0.26 billion CNY in 2024, reflecting a CAGR of 110.57% [5]. Market Opportunities - The company is well-positioned to benefit from the ongoing innovation cycle in consumer electronics, particularly with the rise of AI and smart devices [7][34]. - The demand for high-precision welding equipment is expected to grow in the electric vehicle sector, driven by the increasing complexity of automotive electronics [45]. - The semiconductor packaging market presents significant growth potential, with the company actively developing solutions to meet the rising domestic demand [49][57].