新股覆盖研究：汇成真空

Company Overview - The company specializes in the R&D, production, and sales of vacuum coating equipment, with its main products and services being vacuum coating equipment and related technical support [10] - In 2023, the company's main revenue was divided into three segments: vacuum coating equipment (382 million CNY, 73.27%), accessories and consumables (47 million CNY, 8.95%), and technical services and others (93 million CNY, 17.78%) [12] - The company's revenue from vacuum coating equipment has consistently accounted for over 70% of total revenue from 2021 to 2023, with its primary applications in the consumer electronics and industrial sectors [12] Financial Performance - From 2021 to 2023, the company achieved revenues of 534 million CNY, 571 million CNY, and 522 million CNY, with year-over-year growth rates of 36.13%, 6.86%, and -8.53%, respectively [29] - Net profit attributable to the parent company for the same period was 71.4 million CNY, 71.3 million CNY, and 81.1 million CNY, with year-over-year growth rates of 29.82%, -0.22%, and 13.73%, respectively [25] - In Q1 2024, the company achieved revenue of 72 million CNY, a year-over-year increase of 1.22%, and net profit attributable to the parent company of 10 million CNY, a year-over-year increase of 55.15% [29] Industry Analysis - Vacuum coating technology is widely used in consumer electronics, such as smartphone frames, casings, display panels, and ITO glass, with significant customer barriers due to high supplier certification standards [50] - The high-end vacuum coating equipment market is dominated by multinational companies such as Applied Materials Inc, ULVAC, and Leybold, while the domestic market has grown significantly since the 1960s [52] - The company has established deep cooperation with Apple and its supply chain, with annual revenue from the Apple supply chain exceeding 100 million CNY and accounting for over 20% of total revenue [53] Company Highlights - The company is a leading domestic vacuum coating equipment manufacturer, with strong R&D capabilities and product performance, having entered Apple's supply chain in 2017 [53] - The company is actively expanding into emerging industries, including automotive smart driving, industrial applications, and new energy sectors, with significant growth in industrial product revenue from 2021 to 2023 [37] - The company has obtained patents for lithium battery-related equipment and has formed partnerships with key players in the PVD copper foil composite collector field [37] IPO and Future Outlook - The company plans to use IPO funds for two major projects: a R&D and production base and a vacuum coating R&D center, with a total investment of 335 million CNY [54][39][56] - For the first half of 2024, the company expects revenue to range between 2,918.67 million CNY and 3,123.99 million CNY, a year-over-year increase of 16.80% to 25.02%, and net profit attributable to the parent company to range between 540.83 million CNY and 581.80 million CNY, a year-over-year increase of 23.32% to 32.66% [40] Peer Comparison - Compared to peers in the consumer electronics equipment manufacturing sector, the company's revenue and gross profit margin are below the average, with 2023 revenue of 522 million CNY and a gross profit margin of 32.65% [58][41] - The average revenue of comparable companies in 2023 was 1,778 million CNY, with an average PE-TTM of 21.24X and a gross profit margin of 33.15% [58]