QUICK CO.,(SH:603203) GUOTAI HAITONG SECURITIES·2025-09-03 12:22Investment Rating - The investment rating for the company is "Accumulate" with a target price of 43.20 CNY [5][11]. Core Insights - The company has shown steady growth in the first half of 2025, with a revenue of 504 million CNY, representing a year-on-year increase of 11.85%. The net profit attributable to the parent company was 133 million CNY, also up by 11.84% year-on-year [11]. - The company is benefiting from the high demand in the AI sector, which is driving the growth of its main business. The upcoming launch of the TCB prototype is expected to expand its semiconductor packaging capabilities [2][11]. - The company has a strong foundation for future growth, as indicated by a significant increase in contract liabilities, which rose by 79.69% compared to the end of 2024 [11]. Financial Summary - Total revenue is projected to grow from 793 million CNY in 2023 to 1,721 million CNY by 2027, with a compound annual growth rate (CAGR) of approximately 22.6% [4]. - Net profit attributable to the parent company is expected to increase from 191 million CNY in 2023 to 425 million CNY in 2027, reflecting a CAGR of about 22.5% [4]. - The company's gross margin is expected to improve from 47.3% in 2023 to around 50.2% by 2027 [12]. Market Position - The company is positioned well within the electronic components and information technology industry, with a market capitalization of approximately 8.1 billion CNY [6]. - The stock has shown a significant absolute increase of 65% over the past 12 months, outperforming the market index [10]. Future Outlook - The company is set to expand its semiconductor packaging capabilities with the TCB equipment expected to complete development and start customer sampling within 2025 [11]. - The company has secured orders for its SiC silver sintering equipment from major clients, indicating strong demand in the semiconductor sector [11].