QUICK CO.,(SH:603203) Tai Ping Yang Zheng Quan·2025-09-03 14:42Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [5][73]. Core Insights - The company, Quick Intelligent (603203), is a leading player in the welding equipment sector, focusing on expanding its product categories and application layouts. Founded in 1993, it has seen revenue growth from 230 million to 945 million yuan from 2015 to 2024, with a CAGR of 17% [3][27]. - The company is benefiting from trends in 3C product innovation, automation, and international expansion, which are driving rapid growth in its core business. It has successfully integrated its products into major clients like Xiaomi and Nvidia [3][37]. - The semiconductor business is entering a growth phase, with the company binding major clients and expanding into advanced packaging technologies, which are expected to yield significant future returns [3][62]. Summary by Sections Section 1: Company Overview - Quick Intelligent is a specialized supplier of intelligent equipment, focusing on precision electronic assembly and semiconductor packaging. Its main products include intelligent manufacturing systems, precision welding equipment, machine vision process equipment, and die bonding packaging equipment [3][12]. - The company has strategically positioned itself in various industries, including semiconductor packaging, new energy vehicles, smart terminals, and precision electronics [3][12]. Section 2: Growth Drivers - The acceleration of AI in consumer electronics is significantly driving the demand for precision welding. The company has capitalized on this trend by developing advanced welding equipment for AI-enabled devices, which has been adopted by leading companies [37][39]. - The AI server market is experiencing explosive growth, leading to increased demand for high-speed connectors and precision assembly equipment. The company has successfully entered the supply chains of major players in this sector [42][45]. - The company is actively pursuing international expansion, establishing a wholly-owned subsidiary in Vietnam and building a global service network in countries like India, Mexico, and Turkey [49][50]. Section 3: Semiconductor Business - The global semiconductor packaging equipment market is expanding, driven by AI and new energy. The company is well-positioned to benefit from this growth, with significant orders from major clients in the power semiconductor sector [62][64]. - The company is making strides in advanced packaging technologies, particularly in CoWoS and TCB equipment, with expectations to complete development and start customer sampling by 2025 [66][67]. Financial Forecast - The company is projected to achieve revenues of 1.15 billion, 1.33 billion, and 1.49 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 267 million, 315 million, and 381 million yuan [5][74].