QUICK CO.,(SH:603203) Yong Xing Zheng Quan·2025-09-08 11:33Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [5][7]. Core Views - The company has achieved steady growth in performance, driven by the acceleration of high-end equipment localization and breakthroughs in core technologies [2][3]. - The demand for precision welding and related equipment has surged due to the AI industry's high prosperity, with the company successfully entering the supply chains of major clients like Xiaomi, OPPO, and BYD [3][4]. - The company's overall profitability has improved, with a gross margin of 50.78% and a net margin of 26.22% in the first half of 2025, reflecting an increase of 1.39 and 0.09 percentage points respectively [2][4]. Financial Performance - In the first half of 2025, the company reported revenue of 504 million yuan, a year-on-year increase of 11.85%, and a net profit attributable to shareholders of 133 million yuan, also up 11.84% year-on-year [1][2]. - The company expects net profits attributable to shareholders to reach 244 million yuan, 273 million yuan, and 311 million yuan for the years 2025, 2026, and 2027 respectively [5][6]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.96 yuan, 1.08 yuan, and 1.23 yuan, corresponding to price-to-earnings (PE) ratios of 31.43, 28.05, and 24.61 respectively [5][12]. Market Position and Growth Drivers - The company is focusing on the electric vehicle and intelligent driving sectors, as well as smart wearable devices and AI servers, which are expected to benefit from the growing demand for new equipment driven by AI development [5][6]. - The company has successfully expanded its machine vision inspection and semiconductor equipment, with significant orders from leading clients in various sectors [4][5].