Investment Rating - The report gives a "Buy" rating for the company, 京仪装备, with a target price of 42.36 CNY [20]. Core Views - 京仪装备 is a leading manufacturer of semiconductor specialized equipment, focusing on temperature control devices, process exhaust treatment equipment, and wafer transfer equipment. The company has achieved significant growth, with revenue increasing from 349 million CNY in 2020 to 742 million CNY in 2023, representing a compound annual growth rate (CAGR) of 20.75% [17][42]. - The semiconductor equipment market is experiencing growth driven by rising demand and the acceleration of domestic substitution. The global semiconductor equipment market was valued at 107.64 billion USD in 2022, with the Chinese market accounting for 28.27 billion USD [17][78]. - The company has a strong market position, holding a 35.73% market share in temperature control devices and a 15.57% share in process exhaust treatment equipment as of 2022 [18][121]. Summary by Sections 1. Business Overview - 京仪装备 specializes in semiconductor equipment, including temperature control devices, process exhaust treatment devices, and wafer transfer devices. The company also provides supporting services such as maintenance and spare parts [53][79]. - The company has established itself as a key player in the domestic market, being the only manufacturer to achieve large-scale application of semiconductor temperature control devices [84]. 2. Market Dynamics - The demand for semiconductor equipment is increasing due to the growth of the semiconductor industry and the push for domestic alternatives. The report highlights the significant growth potential in the specialized equipment market [27][78]. - The global market for semiconductor temperature control devices grew from 508 million USD in 2018 to 699 million USD in 2022, while the domestic market increased from 112 million USD to 164 million USD during the same period [108]. 3. Financial Performance - The company's revenue is projected to reach 742 million CNY in 2023, with expected growth to 1.022 billion CNY in 2024 and 1.345 billion CNY in 2025. The net profit is forecasted to be 118 million CNY in 2023, increasing to 192 million CNY in 2024 and 259 million CNY in 2025 [19]. - The gross margin has improved from 29.56% in 2020 to 39.09% in the first half of 2023, indicating enhanced profitability [56]. 4. Investment Recommendations - The report anticipates that 京仪装备 will maintain its leading position in the semiconductor equipment sector, supported by its strong R&D capabilities and the ongoing trend of domestic substitution. The valuation is considered reasonable compared to peers, with projected price-to-earnings ratios of 61, 37, and 28 for 2023, 2024, and 2025, respectively [18][19].
深度报告：辅助设备龙头，细分赛道称雄