QUICK CO.,(SH:603203) Shanghai Securities·2025-11-12 06:53Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [8]. Core Viewpoints - The company is a leading provider of precision welding and assembly equipment, actively expanding into the semiconductor packaging equipment sector, which presents significant growth potential [2][8]. - The company has a diversified business model focusing on three main areas: semiconductor packaging equipment, electrification and intelligence in new energy vehicles, and precision electronic assembly [2][17]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the precision welding and assembly equipment industry for nearly 30 years, becoming a national-level "little giant" and a champion enterprise in the manufacturing sector [17]. - Following its listing in 2016, the company leveraged its core precision welding technology to expand into the automotive industry and further into semiconductor packaging equipment [17]. 2. Business Segments - The company operates four main business segments: 1. Precision welding and assembly equipment, which includes various welding technologies and has a strong presence in consumer electronics, automotive, and robotics [19]. 2. Machine vision process equipment, which has seen a compound annual growth rate (CAGR) of 16.10% from 2021 to 2024 [3]. 3. Die bonding packaging equipment, which is expected to grow significantly, with revenue projected to increase from 0.03 billion to 0.26 billion from 2021 to 2024, reflecting a CAGR of 110.57% [4]. 4. Intelligent manufacturing complete equipment, focusing on high-end equipment for new energy vehicles [3]. 3. Financial Performance - The company achieved a revenue of 9.45 billion in 2024, representing a year-on-year growth of 19.24%, with a net profit of 2.12 billion, up 11.10% [2][30]. - The revenue and net profit CAGR from 2016 to 2024 were 16.10% and 9.43%, respectively, indicating stable growth [26]. 4. Future Projections - Revenue projections for 2025, 2026, and 2027 are 10.90 billion, 13.30 billion, and 16.09 billion, with growth rates of 15.28%, 22.05%, and 21.01% respectively [8]. - The company is expected to maintain a high gross margin of over 50% and a net margin above 20% due to its strong competitive position and ongoing R&D investments [30].