QUICK CO.,(SH:603203) Donghai Securities·2024-04-30 06:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [14]. Core Insights - The company experienced a decline in revenue and net profit in 2023, with total revenue of 793 million yuan, down 12.07% year-on-year, and a net profit of 191 million yuan, down 30.13% year-on-year. However, there is an expected recovery in 2024, with projected revenue growth of 30.08% and net profit growth of 37.37% [28][18]. - The company is focusing on new business growth, particularly in intelligent manufacturing and semiconductor packaging equipment, which are expected to drive future revenue [29][18]. - The company's financial health is stable, with a debt ratio of 21.68% and strong cash flow management, as evidenced by operating cash flow being 26.46% of revenue in 2023 [30][18]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 793 million yuan and a net profit of 191 million yuan. The revenue for Q4 2023 was 199 million yuan, reflecting a year-on-year decline of 16.29% [28]. - For Q1 2024, the company achieved revenue of 225 million yuan, a year-on-year increase of 4.08%, and a net profit of 60 million yuan, up 8.63% [28]. Growth Potential - The company is expected to benefit from the recovery in demand for precision welding equipment and semiconductor packaging, with projected revenue growth rates of 30.08%, 27.23%, and 23.13% for 2024, 2025, and 2026, respectively [32][18]. - The company has secured orders from major clients in the automotive sector, indicating strong market recognition for its products [16]. Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.05 yuan, 1.39 yuan, and 1.80 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 20X, 15X, and 11X [18][32].