Secote co.ltd(603283) 华鑫证券·2024-06-06 05:30Investment Rating - The report gives a "Buy" investment rating for the company, indicating an expectation of significant performance improvement and growth opportunities in the semiconductor measurement equipment sector [16][17]. Core Insights - The company achieved a substantial increase in revenue and profit in 2023, with operating income reaching 4.446 billion yuan, a year-on-year growth of 51.76%, and a net profit attributable to shareholders of 0.687 billion yuan, up 123.72% [16][17]. - The company is focusing on the automation equipment sector, primarily serving industries such as consumer electronics, semiconductors, and new energy, with a strategic emphasis on expanding its market presence in the new energy sector [16][17]. - The report highlights the company's deep integration with key clients in the consumer electronics sector, which has led to significant sales growth and enhanced product margins [16][17]. Financial Forecast - The company is projected to generate revenues of 5.473 billion yuan in 2024, 6.700 billion yuan in 2025, and 8.052 billion yuan in 2026, with corresponding EPS of 4.08 yuan, 4.79 yuan, and 5.81 yuan respectively [4][17]. - The report anticipates a revenue growth rate of 23.1% in 2024, 22.4% in 2025, and 20.2% in 2026, alongside net profit growth rates of 18.9%, 17.4%, and 21.4% for the same years [4][17]. - The current price-to-earnings (P/E) ratios are projected to be 17.3, 14.7, and 12.1 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation trend [17]. Market Position and Strategy - The company has entered the semiconductor measurement equipment market through the acquisition of OPTIMA, a leading supplier, which has enabled it to secure bulk orders from major semiconductor manufacturers [16][17]. - The report emphasizes the company's commitment to innovation, particularly in developing advanced detection and measurement technologies for semiconductor processes, which has garnered recognition and demand from clients [17]. - The company is well-positioned to benefit from the increasing penetration of new technologies in consumer electronics, such as periscope lenses and foldable screens, which are expected to drive demand for its manufacturing equipment [16][17].