QUICK CO.,(SH:603203) Guotai Junan Securities·2024-02-26 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.78 CNY [3][5][36]. Core Insights - The company is a leader in precision welding equipment and is expanding its product categories and downstream applications, with significant growth potential in the semiconductor packaging sector [3][27]. - The company has adjusted its earnings per share (EPS) forecasts for 2023-2024 to 0.77 CNY and 1.12 CNY, respectively, down from previous estimates of 1.65 CNY and 2.12 CNY, while introducing a new EPS estimate of 1.48 CNY for 2025 [3][30]. - The report highlights the company's strong market position in precision welding and its strategic entry into semiconductor packaging, which is expected to open new growth avenues [3][29]. Summary by Sections 1. Profit Forecast and Valuation - The company has diversified into AOI, complete equipment delivery, and semiconductor equipment, focusing on 3C and automotive electronics [27]. - Revenue from precision welding equipment is projected to decline by 17% in 2023 but is expected to rebound with new product launches in the 3C sector [27][30]. - The company anticipates significant growth in its solid crystal bonding packaging equipment, with revenue growth rates of 97.2%, 233.3%, and 100% from 2023 to 2025 [29][30]. 2. Intelligent Equipment Solutions Provider - The company has been a key player in precision welding and automation technology since its establishment in 1993, continuously innovating to meet market demands [44]. - The company’s product offerings include precision welding assembly equipment, machine vision process equipment, solid crystal bonding packaging equipment, and intelligent manufacturing solutions [45]. 3. Market Position and Growth Potential - The company is recognized as a "single champion" in precision welding equipment by the Ministry of Industry and Information Technology in China [45]. - The report emphasizes the company's strong R&D capabilities and its proactive approach to capturing opportunities in rapidly growing sectors such as new energy vehicles and semiconductors [44][45].