点评报告：靶材业务边际改善，零部件快速放量，分红、回购助力投资者信心

Investment Rating - The report assigns an "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is a leading player in ultra-pure metal sputtering targets and is expanding its semiconductor precision components business. It has established itself as a supplier to major wafer manufacturers like SMIC, TSMC, and SK Hynix, achieving a global market share of 2nd in wafer manufacturing sputtering targets as of 2022 [2][9]. - The demand for sputtering targets is closely tied to the semiconductor, panel, and photovoltaic industries, with expectations of market recovery as wafer fab utilization rates improve. The company is well-positioned to benefit from this recovery due to its rapid growth and established market presence [7][9]. - The company has multiple production bases for precision components in locations such as Yuyao, Shanghai, and Shenyang, which are expected to drive significant revenue growth in the coming years [7][9]. Financial Summary - The company’s projected revenues for 2023, 2024, and 2025 are estimated at 2.578 billion, 3.276 billion, and 4.215 billion yuan respectively, with corresponding net profits of 246 million, 337 million, and 405 million yuan [9][24]. - The report highlights a projected revenue growth rate of 11% in 2023, followed by 27% in 2024 and 29% in 2025, indicating a strong recovery trajectory [24]. - The company's price-to-earnings (P/E) ratios are projected to decrease from 40.90x in 2023 to 24.84x in 2025, reflecting improved earnings potential as the market recovers [9][24]. Market Position and Strategy - The company is focusing on high-quality development and has implemented measures such as share buybacks and dividends to enhance investor confidence. It has conducted four dividend distributions from 2020 to 2023, maintaining a payout ratio above 20% [22]. - The company plans to repurchase shares worth 50 million to 80 million yuan to support employee stock ownership plans, demonstrating confidence in its future growth [22].