圣晖集成（603163）：以工程赋能AI全产业链，持续开拓海外新市场

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [3][5]. Core Insights - The company is a professional service provider in cleanroom engineering, offering comprehensive EPCO services for advanced manufacturing sectors such as semiconductors, optoelectronics, pharmaceuticals, and cloud computing centers [1][14]. - The global cleanroom market is expected to grow significantly, with a projected size of USD 10.04 billion by 2025 and USD 14.16 billion by 2030, reflecting a CAGR of 7.1% [1][36]. - The demand for AI computing power is rapidly increasing, driving the need for AI servers and subsequently boosting the cleanroom construction market [2][39]. - The company has established strong customer relationships and technical advantages, positioning it well to expand into overseas markets as its clients grow [2][69]. Summary by Sections Company Overview - The company specializes in cleanroom engineering and has extensive experience in project implementation, focusing on customized engineering services for high-tech industries [1][14]. - It operates under a competitive agreement with its parent company in Taiwan, which focuses on the Taiwan market, allowing the company to expand its operations in other regions [16][21]. Market Trends - The precision of the electronics industry is driving the growth of the global cleanroom market, with increasing requirements for controlled environments due to shrinking process sizes [1][33]. - The AI industry is experiencing explosive growth in computing power demand, leading to significant investments in AI data centers and related infrastructure [39][40]. Financial Projections - Revenue forecasts for 2025-2027 are projected at CNY 2.99 billion, CNY 3.35 billion, and CNY 4.84 billion, representing year-on-year growth rates of 48.8%, 12.2%, and 44.3% respectively [3][4]. - The company’s net profit is expected to reach CNY 1.42 billion, CNY 2.06 billion, and CNY 3.05 billion for the same period, with growth rates of 24.1%, 45.4%, and 47.9% respectively [3][4]. Competitive Position - The company has a strong competitive barrier due to high technical standards and customer loyalty in the cleanroom engineering sector [69]. - It has accumulated a wealth of project experience and has established relationships with notable clients, enhancing its market position [69][81]. Order and Revenue Growth - The company has seen a significant increase in new orders, with a 70.3% year-on-year growth in new contracts signed in the first half of 2025 [83]. - The backlog of orders reached CNY 2.81 billion, reflecting a 62.6% increase compared to the previous year [83].