GKG(SZ:301338) Guoyuan Securities·2025-08-29 08:17Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][6]. Core Insights - The company has demonstrated significant revenue growth, achieving a revenue of 454 million yuan in H1 2025, a year-on-year increase of 26.22%. The net profit attributable to shareholders reached 67 million yuan, up 144.18% year-on-year, with a non-recurring net profit of 63 million yuan, reflecting a 163.55% increase [1][2]. - The company is advancing its R&D strategy focused on a "shared technology platform + multiple products + multiple fields," transitioning from a single advantage to a collaborative development of "champions" in various segments [2]. - The revenue from solder paste printing equipment reached 292 million yuan in H1 2025, marking a 53.56% increase, while the revenue from dispensing equipment was 60 million yuan, up 26.31% [2]. Financial Performance Summary - The company forecasts revenues and net profits for 2025-2027 to be 1.105 billion yuan, 1.343 billion yuan, and 1.571 billion yuan, respectively, with corresponding net profits of 154 million yuan, 193 million yuan, and 234 million yuan [3][5]. - The earnings per share (EPS) are projected to be 1.44 yuan, 1.81 yuan, and 2.20 yuan for the years 2025, 2026, and 2027, respectively, with price-to-earnings (P/E) ratios of 48, 39, and 32 times [3][5].