MAYAIR(688376) 西南证券·2024-05-06 01:33Investment Rating - The report assigns a "Buy" rating for the company with a target price of 44.25 CNY over the next six months, based on the current price of 32.33 CNY [1]. Core Insights - The company, Meike Technology, is positioned as a leading domestic player in the semiconductor cleanroom sector, focusing on high-efficiency filtration units and consumables, with a market share of approximately 30% in the domestic semiconductor cleanroom market [3][39]. - The company has experienced revenue growth, with a reported income of 1.298 billion CNY in 2023, reflecting a year-on-year increase of 2.4% [2]. - The company is expanding its overseas operations, achieving 170 million CNY in overseas revenue in 2023, a growth of 30.8% year-on-year, and plans to increase its production capacity in Malaysia [29][51]. Summary by Sections Company Overview - Meike Technology has been dedicated to the air purification field for over 20 years, specializing in semiconductor cleanroom technology and has received recognition as a "Little Giant" enterprise by the Ministry of Industry and Information Technology [13][39]. - The company emphasizes research and development, holding 16 core technologies with independent intellectual property rights [13]. Financial Performance - In 2023, the company achieved a net profit of 170 million CNY, a year-on-year increase of 40.8%, with a compound annual growth rate (CAGR) of 40.0% from 2017 to 2023 [39]. - The gross profit margin for 2023 was reported at 27.25%, with a net profit margin of 11.48%, reflecting a slight decrease in gross margin but an increase in net margin [2][39]. Market Position and Growth Potential - The company is expanding its market presence in Southeast Asia, driven by the increasing demand in the semiconductor industry, particularly in AI and chip technology [3][29]. - The revenue from replacement consumables accounted for approximately 30% of total revenue in 2023, indicating potential for further growth in this segment [5]. Client Base and Diversification - The company has established strong relationships with leading clients across various sectors, including major semiconductor manufacturers and pharmaceutical companies, reducing dependency on any single client [45]. - The revenue contribution from the top five clients decreased from 43% to 37.1%, indicating a diversification in the client base [45]. Future Projections - The company forecasts significant revenue growth, with projected revenues of 1.505 billion CNY in 2024, increasing to 2.741 billion CNY by 2026, reflecting a growth rate of 22.68% in 2024 [6]. - The earnings per share (EPS) is expected to rise from 1.29 CNY in 2023 to 2.67 CNY by 2026, with a corresponding decrease in the price-to-earnings (PE) ratio from 25.1 to 12.1 over the same period [6][55].