KINGSEMI(688037) 光大证券·2024-04-21 02:02Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Insights - The company has launched a new single-wafer chemical cleaning machine, which is expected to create a new growth point by addressing gaps in its product offerings and enhancing cleaning efficiency [1]. - Despite a slowdown in the expansion pace of front-end wafer fabs in 2023, the company has seen good growth in new orders for its front-end track equipment, indicating a steady increase in domestic market share [2]. - The company has revised its net profit forecasts for 2023-2025 downwards, now expecting net profits of 251 million, 358 million, and 491 million yuan, respectively, reflecting a decrease of 11.31%, 10.50%, and 11.21% [3]. Summary by Sections Product Development - The newly launched KCE single-wafer chemical cleaning machine features high process coverage, stability, cleanliness, capacity, and intelligence, suitable for various cleaning processes [1]. - The machine leverages the company's mature technologies in front-end track and scrubber fields, optimizing internal units and overall design to ensure a stable microenvironment [1]. Market Performance - The company has achieved a steady increase in market share for its offline, I-line, and KrF products, with competitive advantages becoming more pronounced [2]. - The introduction of new products like the chemical cleaning machine and temporary bonding machine is expected to positively impact order signing in 2024 [11]. Financial Projections - The company anticipates a recovery in the downstream front-end wafer fabs, which, combined with the continuous increase in market share and new product launches, supports a positive outlook for order signing in 2024 [11]. - The current market capitalization corresponds to a price-to-earnings ratio of 38 and 27 times for 2024 and 2025, respectively [3].