Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4] Core Viewpoints - The company maintains a strong position in its core business, leading globally in dry stripping and rapid thermal processing (RTP) with a market share of approximately 35% in dry stripping, ranking second globally, and about 13% in RTP, with a long-term gross margin above 40% [2] - The etching segment is expected to become a new growth driver, with significant breakthroughs in differentiated ICP technology, including the newly launched RENA-E etching equipment, which has received bulk orders, and the commercial introduction of atomic-level surface treatment equipment, Escala [2] - The company benefits from local supply chain advantages, leading to higher gross margins domestically compared to overseas operations, and has increased inventory to 3.69 billion yuan to meet strong downstream demand [3] Financial Summary - For the first three quarters, the company achieved revenue of 3.796 billion yuan, a year-on-year increase of 14.01%, and a net profit attributable to shareholders of 516 million yuan, up 22.73% year-on-year [1] - The forecasted net profits for 2025, 2026, and 2027 are expected to be 660 million yuan, 884 million yuan, and 1.275 billion yuan, respectively, with corresponding P/E ratios of 116, 86, and 60 times [3][4] - The company’s revenue is projected to grow from 4.633 billion yuan in 2024 to 7.999 billion yuan in 2027, reflecting a compound annual growth rate of 26.51% [11]
屹唐股份（688729）：去胶热处理全球领先，刻蚀突破构筑新成长极