赛腾股份：3C与半导体双轮驱动，受益产品技术升级

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 80.45 CNY per share, based on a 20x PE multiple for 2024 [136] Core Views - The company is a leading automation equipment supplier, deeply integrated into Apple's supply chain, with a strong presence in consumer electronics, semiconductor, and new energy sectors [7][14] - The company has expanded into the semiconductor and new energy sectors through strategic acquisitions, positioning itself to benefit from the growth in AI and HBM (High Bandwidth Memory) markets [14][91] - The company's semiconductor business, particularly in HBM-related equipment, is expected to see significant growth, with revenue projected to increase by 90% in 2024 [118] - The consumer electronics segment remains the company's core revenue driver, with Apple-related products accounting for over 50% of total revenue [41][102] Financial Performance - Revenue is expected to grow from 4.446 billion CNY in 2023 to 7.636 billion CNY in 2026, with a CAGR of 19.3% from 2024 to 2026 [3] - Net profit is projected to increase from 687 million CNY in 2023 to 1.215 billion CNY in 2026, with a CAGR of 17.3% over the same period [3] - The company's ROE is expected to remain strong, at 26.7% in 2024 and 23.0% in 2026 [3] Business Segments Consumer Electronics - The company is a key supplier of automation assembly and testing equipment for Apple's products, including iPhones, iPads, and AirPods [7][41] - Revenue from consumer electronics is expected to grow at a CAGR of 15% from 2024 to 2026, driven by new product launches and upgrades in Apple's product line [127] Semiconductor - The company entered the semiconductor equipment market through the acquisition of Optima, a Japanese company specializing in wafer inspection equipment [14][100] - The semiconductor segment is expected to grow rapidly, with revenue projected to increase by 90% in 2024, driven by demand for HBM-related equipment [118] New Energy - The company provides automation equipment for the new energy sector, including battery assembly lines and motor rotor assembly lines [8] - Revenue from the new energy segment is expected to remain stable, with no significant growth projected from 2024 to 2026 [119] Strategic Acquisitions - The company has made several strategic acquisitions, including Optima in 2019, to expand its presence in the semiconductor and new energy sectors [14][100] - These acquisitions have allowed the company to diversify its revenue streams and reduce its reliance on the consumer electronics sector [14][91] Market Opportunities - The company is well-positioned to benefit from the growth in AI and HBM markets, with its semiconductor equipment being used by leading HBM manufacturers [118][124] - The consumer electronics market is expected to recover, with Apple's product launches driving demand for automation equipment [30][102] Risks - The company's heavy reliance on Apple's supply chain poses a risk, as any downturn in Apple's business could significantly impact the company's revenue [161] - The semiconductor business is subject to risks related to AI and HBM market growth, which could affect the company's revenue projections [162] Valuation - The company is valued at a 20x PE multiple for 2024, with a target price of 80.45 CNY per share, based on its strong position in Apple's supply chain and growth potential in the semiconductor sector [136]