Core Viewpoints - The report highlights the strong growth potential of Huakang Clean (301235) in the cleanroom integration service sector, driven by its dual focus on medical and electronic markets [4][10][12] - The company has a robust order backlog, with medical and laboratory cleanroom orders increasing from 1.727 billion yuan in 2022 to 3.706 billion yuan in the first half of 2025, indicating sustained revenue growth [4][10][12] - The establishment of an electronic division in 2024 is expected to enhance the company's market presence in the electronic cleanroom sector, leveraging existing expertise and local resources [4][10][12] - The report projects significant revenue growth for the company, with expected revenues of 2.542 billion yuan, 3.547 billion yuan, and 4.598 billion yuan for 2025-2027, representing year-on-year growth rates of 49%, 40%, and 30% respectively [4][10][12] Summary by Sections Company Overview - Huakang Clean was established in 2008 and has 17 years of experience in the cleanroom integration service industry, recognized as a national high-tech enterprise [4][10][12] - The company offers a full industry chain capability, including design, construction, procurement, and after-sales service, covering medical, laboratory, and electronic cleanroom sectors across over 20 provinces and regions in China [4][10][12] Medical Business Growth - The medical cleanroom market is fragmented, and Huakang Clean has successfully expanded its business despite challenging macroeconomic conditions [4][10][12] - The company has accumulated technical experience in hospital projects, which has facilitated its entry into the laboratory cleanroom sector [4][10][12] Electronic Cleanroom Sector - The company plans to leverage its medical sector experience to enter the larger electronic cleanroom market, having already secured multiple projects with high-profile clients [4][10][12] - The strategy involves targeting high-tier clients and their supply chains to ensure a successful market entry [4][10][12] Financial Projections - The report forecasts net profits of 153 million yuan, 225 million yuan, and 332 million yuan for 2025-2027, with growth rates of 129%, 47%, and 47% respectively [4][10][12] - The estimated reasonable market value for the company is 5.1 billion yuan, indicating a potential upside of approximately 43% from its market value as of September 15, 2025 [4][10][12]
华康洁净（301235）深度：深耕洁净室集成服务，医疗+电子两翼齐飞