ACTER TECHNOLOGY INTEGRATION GROUP CO.(SH:603163) Haitong Securities·2024-06-11 03:31Investment Rating - The report assigns an "Outperform the Market" rating to the company, with a reasonable value range of 36.58 to 39.91 CNY based on a projected P/E ratio of 22-24 times for 2024 [12]. Core Viewpoints - The company is a leading player in the domestic cleanroom system integration market, focusing on high-end sectors such as IC semiconductors and optoelectronic panels. It has a strong EPCO capability, which includes engineering design, procurement, construction, and maintenance [2][8]. - The cleanroom industry is expected to experience favorable growth, with the market size projected to approach 400 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 13.3% from 2022 [2]. - The company has a robust R&D advantage, holding 61 patents as of the end of 2023, and plans to maintain R&D spending above 3% of revenue in 2024 [2][8]. - The company has a strong order backlog of 1.892 billion CNY as of Q1 2024, with significant contributions from the IC semiconductor sector [2][8]. Summary by Sections Market Performance - The company has shown a significant decline in stock performance, with a drop of 47.58% from June 2023 to March 2024 [2]. Financial Performance - The company reported a revenue of 2.009 billion CNY in 2023, with a projected growth to 2.4 billion CNY in 2024, representing a year-on-year increase of 19.5% [11]. - The net profit for 2023 was 139 million CNY, expected to rise to 166 million CNY in 2024, marking a 20% increase [11]. Business Segments - The cleanroom engineering system integration segment is projected to grow by 20% in both 2024 and 2025, with a stable gross margin of 14% [8][20]. - The secondary cleanroom installation segment is expected to see a revenue increase of 15% in 2024 and 2025, maintaining a gross margin of 14.21% [4][20]. - Other electromechanical installation projects are anticipated to grow by 20% in 2024 and 2025, with a gross margin of 15.98% [13][20]. Regional Expansion - The company has a strong domestic presence in regions like the Yangtze River Delta and the Pearl River Delta, with significant growth in the Central and Southern China regions [2]. - Internationally, the company has established operations in Southeast Asia, with notable revenue growth in Vietnam and Thailand [2].