证券研究报告：机械设备 公司点评报告 发布时间：2025-05-13 股票投资评级 增持 |首次覆盖 个股表现 快克智能 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 2402 | | --- | --- | | 总股本流通股本（亿股）249 | 249 | | 总市值流通市值（亿元）60 | 60 | | 52 周内最高最低价 | 2614 1751 | | 资产负债率% | 287% | | 市盈率 | 2826 | | 第一大股东 | 常州市富韵投资咨询有 | | 限公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 快克智能(603203) 业绩符合预期，半导体设备技术突破空间广阔 l 投资要点 事件：公司披露 2024 年报和 2025 年一季报。 n 盈利预测和财务指标 业绩稳健增长，符合预期。2024 年，公司实现营收 9.45 亿元， 同比+19%；实现归母净利润 ...

证券研究报告：机械设备 | 公司点评报告 发布时间：2025-05-13 股票投资评级 增持 |首次覆盖 个股表现 2024-05 2024-07 2024-10 2024-12 2025-02 2025-05 -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 快克智能 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.02 | | --- | --- | | 总股本/流通股本（亿股）2.49 | / 2.49 | | 总市值/流通市值（亿元）60 | / 60 | | 周内最高/最低价 52 | 26.14 / 17.51 | | 资产负债率(%) | 28.7% | | 市盈率 | 28.26 | | 第一大股东 | 常州市富韵投资咨询有 | | 限公司 | | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 事件：公司披露 2024 年报和 2025 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 115.85 CNY per share, maintaining the rating [5][9]. Core Views - The company achieved record high performance in Q4 2024, with revenue of 6.49 billion CNY, a year-on-year increase of 27.13%, and a net profit of 0.95 billion CNY, a year-on-year increase of 213.09% [1]. - The company has made significant breakthroughs in the semiconductor equipment sector, securing orders from leading domestic clients in both front-end and back-end equipment [2][3]. - The strategic investment from Northern Huachuang, which will become the largest shareholder with a 17.88% stake, is expected to enhance the company's competitiveness in the semiconductor industry [4]. Financial Performance - In 2024, the company reported total revenue of 1.754 billion CNY, a slight increase of 2.13% year-on-year, and a net profit of 203 million CNY, a decrease of 19.08% year-on-year [1][11]. - The projected revenues for 2025, 2026, and 2027 are 2.648 billion CNY, 3.429 billion CNY, and 4.183 billion CNY respectively, with net profits expected to be 339 million CNY, 493 million CNY, and 653 million CNY [9][11]. Market Position and Growth Potential - The company has established itself as a leader in the domestic semiconductor equipment market, particularly in photoresist coating and developing products, with strong order growth from both domestic and international clients [2][3]. - The introduction of new products, such as the KS-CM300/200 chemical cleaning machine, has broken foreign monopolies and is expected to drive further growth [3]. Valuation Metrics - The company is valued at a price-to-sales (PS) ratio of 8.8 for 2025, reflecting its leading position in the front-end equipment market and promising growth in back-end products [9][12].