CMP市占率不断提高，减薄、划切等新品快速突破

Investment Rating - The report maintains a "Buy" rating for Huahai Qingke (688120 SH) with a target price of 249 61 yuan per share, corresponding to a 2024 PE of 40x [2][4] Core Views - Huahai Qingke's CMP market share continues to increase, with significant growth in wafer regeneration and maintenance services In 2023, the company achieved revenue of 2 508 billion yuan, a yoy increase of 52 11%, and net profit of 724 million yuan, a yoy increase of 44 29% [2] - The company's CMP products have gained more customer recognition and achieved multiple batch sales, while wafer regeneration services have secured bulk orders from major production lines [2] - In Q1 2024, the company reported revenue of 680 million yuan, a yoy increase of 10 4%, and net profit of 202 million yuan, a yoy increase of 4 27% [2] - The company's Universal H300 CMP machine has been sent to clients for verification, with small-batch validation completed for multiple processes, and is expected to achieve mass production in 2024 [2] - New products such as thinning and dicing equipment have made rapid breakthroughs, with thinning equipment securing bulk orders from leading companies in multiple fields [2] Financial Performance and Forecast - Revenue for 2023 was 2 508 billion yuan, a yoy increase of 52 11%, with a gross margin of 46 02% and a net margin of 28 86% [2] - For 2024-2026, the company is expected to achieve net profits of 982 million yuan, 1 249 billion yuan, and 1 536 billion yuan, respectively [2][3] - The company's EBITDA for 2023 was 792 million yuan, with a projected increase to 1 124 billion yuan in 2024 and 1 759 billion yuan in 2026 [3] - EPS is forecasted to grow from 4 55 yuan in 2023 to 9 67 yuan in 2026 [3] Product Development and Market Position - The company's 12-inch wafer thinning and film laminating machine has secured demo orders from a leading integrated circuit packaging and testing company [2] - The dry polishing type packaging thinning machine is expected to be sent to clients for verification in the first half of 2024 [2] - The 12-inch wafer edge cutting equipment has been sent to a leading storage manufacturer for verification in the first half of 2024 [2] - The company is well-positioned to benefit from the expansion of downstream wafer production lines and the domestic substitution of equipment [2] Financial Ratios and Valuation - The company's ROE increased from 10 5% in 2022 to 13 1% in 2023, with a projected increase to 16 6% by 2026 [3] - The P/E ratio is expected to decrease from 41 25x in 2023 to 16 79x in 2026, reflecting strong earnings growth [3] - The EV/EBITDA ratio is projected to decline from 35 27x in 2023 to 14 13x in 2026, indicating improving valuation metrics [3]