Core Viewpoints - The report highlights the strong growth potential of Huakang Clean (301235) in the cleanroom integration service sector, driven by its dual focus on medical and electronic markets [4][10][12] - The company has a robust order backlog, with medical and laboratory cleanroom orders increasing from 1.727 billion yuan in 2022 to 3.706 billion yuan in the first half of 2025, indicating sustained revenue growth [4][10][12] - The establishment of an electronic division in 2024 is expected to enhance the company's market presence in the electronic cleanroom sector, leveraging existing expertise and local resources [4][10][12] - The report projects significant revenue growth for the company, with expected revenues of 2.542 billion yuan, 3.547 billion yuan, and 4.598 billion yuan for 2025-2027, representing year-on-year growth rates of 49%, 40%, and 30% respectively [4][10][12] Summary by Sections Company Overview - Huakang Clean was established in 2008 and has 17 years of experience in the cleanroom integration service industry, recognized as a national high-tech enterprise [4][10][12] - The company offers a full industry chain capability, including design, construction, procurement, and after-sales service, covering medical, laboratory, and electronic cleanroom sectors across over 20 provinces and regions in China [4][10][12] Medical Business Growth - The medical cleanroom market is fragmented, and Huakang Clean has successfully expanded its business despite challenging macroeconomic conditions [4][10][12] - The company has accumulated technical experience in hospital projects, which has facilitated its entry into the laboratory cleanroom sector [4][10][12] Electronic Cleanroom Sector - The company plans to leverage its medical sector experience to enter the larger electronic cleanroom market, having already secured multiple projects with high-profile clients [4][10][12] - The strategy involves targeting high-tier clients and their supply chains to ensure a successful market entry [4][10][12] Financial Projections - The report forecasts net profits of 153 million yuan, 225 million yuan, and 332 million yuan for 2025-2027, with growth rates of 129%, 47%, and 47% respectively [4][10][12] - The estimated reasonable market value for the company is 5.1 billion yuan, indicating a potential upside of approximately 43% from its market value as of September 15, 2025 [4][10][12]

Core Insights - The report highlights the strong growth potential of Huakang Clean (301235) in the cleanroom integration service sector, focusing on both medical and electronic fields [2][3][5] - The company has a robust order backlog, with orders in hand for medical and laboratory cleanrooms increasing from 1.727 billion to 3.706 billion from 2022 to the first half of 2025, indicating sustained revenue growth [3][12] - The establishment of an electronic division in 2024 aims to leverage existing expertise and local resources, targeting a larger market in electronic cleanrooms [3][12] - The report projects significant revenue growth for Huakang Clean, estimating revenues of 2.542 billion, 3.547 billion, and 4.598 billion for 2025-2027, with corresponding net profits of 153 million, 225 million, and 332 million [3][12] Company Overview - Huakang Clean has been operating in the cleanroom integration service industry for 17 years, providing a full range of services including design, construction, procurement, and after-sales support [3][12] - The company serves over 800 high-quality clients across various sectors, including major hospitals and electronics firms [3][12] Market Dynamics - The medical cleanroom market is characterized by fragmentation, but Huakang Clean has successfully expanded its business despite challenging macroeconomic conditions [3][12] - The electronic cleanroom market is expected to grow, with Huakang Clean's strategy of targeting high-tier clients and their supply chains showing early success [3][12] Financial Projections - The report anticipates a compound annual growth rate (CAGR) of 49%, 40%, and 30% for revenues from 2025 to 2027, alongside a significant increase in net profit margins [3][12] - The estimated market valuation for Huakang Clean is projected at 5.1 billion, suggesting a potential upside of approximately 43% from its market value as of September 15, 2025 [3][12]

高举高打，强势切入电子洁净领域：依托在医疗领域积累的经验技术，以及武汉光谷当地资源禀赋，公 司2024 年成立电子事业部，切入市场更大的电子洁净领域，先后中标浙江晶引、宏茂微电子、海微科 技、先导芯光多个项目。公司采取高举高打策略，通过切入高层次客户及其供应链，已经实现了电子业 务的顺利起步。凭借光谷产业集群优势，公司电子业务可期。 投资要点： 17 年深耕洁净室集成：公司成立于2008 年，在洁净室集成服务领域深耕17 年，是国家级高新技术企 业，具备集"设计+施工+采购+售后"为一体的全产业链能力，业务覆盖医疗专项、实验室、电子洁净三 大战略领域，业务范围遍布全国20 多个省市自治区。公司已服务上海宏茂微电子（长江存储控股子公 司）、浙江晶引电子、海微科技、四川大学华西医院、山东大学齐鲁医院、浙江大学医学院附属第一医 院、武汉大学、上海交通大学等超800 余家优质客户。 医疗业务高增长，在手订单充沛：医疗洁净室市场格局分散。过去几年，面对医疗不利宏观环境，公司 采取积极策略，实现了快速业务扩张，收入持续高增长。凭借公司在医院业务积累的技术经验资源，公 司还成功切入到实验室洁净领域。在手订单（医疗+实验室） ...

Investment Rating - The report initiates coverage with a "Buy" rating for Huakang Clean Technology Co., Ltd. [1][7] Core Views - The company has a strong order backlog and a robust capability to win medical contracts, ensuring long-term stable growth in its medical business. The successful entry into the electronic cleanroom sector provides high growth potential. Revenue projections for 2025-2027 are CNY 25.42 billion, CNY 35.47 billion, and CNY 45.98 billion, with year-on-year growth rates of 49%, 40%, and 30% respectively. Net profit forecasts are CNY 1.53 billion, CNY 2.25 billion, and CNY 3.32 billion, with growth rates of 129%, 47%, and 47% respectively. The company's reasonable market capitalization is estimated at CNY 5.1 billion, indicating a potential upside of approximately 43% from its market value as of September 15, 2025 [6][7]. Summary by Sections 1. Deepening Cleanroom Field, Continuous High Growth - Huakang Clean has been deeply engaged in the cleanroom integration service sector for 17 years, providing comprehensive services including design, construction, procurement, and after-sales support. The company has served over 800 high-quality clients across various sectors, including healthcare and electronics [6][20][21]. - The company has achieved continuous revenue growth since 2017, with a CAGR of 24%. In the first half of 2025, revenue reached CNY 835 million, a year-on-year increase of 51% [23][26]. 2. Long-term Stable Medical Demand, High Prosperity in Electronics - The cleanroom market is expected to exceed CNY 500 billion by 2032, with a projected CAGR of over 7% from 2023 to 2032. The medical cleanroom market is driven by the increasing number of hospitals and the rising demand for ICU and surgical facilities [42][66]. - The electronic cleanroom market is also anticipated to grow significantly, supported by the high capital expenditure in the semiconductor industry, which is projected to remain robust [71][80]. 3. Increased Market Share in Medical Sector, Strong Entry into Electronics - The company has successfully expanded its market share in the medical cleanroom sector despite a challenging macro environment. The order backlog for medical and laboratory cleanrooms has grown from CNY 1.727 billion in 2022 to CNY 3.706 billion in the first half of 2025 [6][9]. - The establishment of the electronic cleanroom division in 2024 has allowed the company to tap into a larger market, leveraging its technical expertise and local resources [6][9]. 4. Profit Forecast and Valuation - The company is expected to maintain high growth, with revenue projections of CNY 25.42 billion, CNY 35.47 billion, and CNY 45.98 billion for 2025-2027. The net profit is forecasted to be CNY 1.53 billion, CNY 2.25 billion, and CNY 3.32 billion for the same period [5][7].

Core Viewpoint - The company Huakang Clean (301235.SZ) is facing potential operational challenges due to the investigation of its chairman, Tan Pingtao, who has been placed under investigation and detention by the Guangdong Provincial Supervisory Committee [1] Group 1: Company Overview - Huakang Clean specializes in cleanroom integration services, primarily serving medical institutions, research laboratories, and semiconductor manufacturing companies, ensuring compliance with cleanliness, temperature, and airflow standards [2] - The company has served over 800 clients, including Shanghai Macro Microelectronics and Sichuan University Huaxi Hospital, with operations spanning more than 20 provinces and regions in China [2] Group 2: Financial Performance - In the first half of the year, Huakang Clean achieved revenue of 834.91 million yuan, a year-on-year increase of 50.73%, and a net profit attributable to shareholders of 18.68 million yuan, up 273.48% [2] - Despite the significant growth in revenue and profit, the company reported a negative net cash flow from operating activities of -294.27 million yuan, a decline of 74.03% year-on-year, and accounts receivable amounted to 1.649 billion yuan, representing 43.64% of total assets [2] Group 3: Order Backlog and Client Base - As of June, Huakang Clean had an order backlog of 3.827 billion yuan, with 2.537 billion yuan in medical special orders and 774 million yuan in laboratory orders [3] - The company’s major clients are primarily in the medical sector, with significant contracts including a 1.14 billion yuan project for the Wuhan East Lake Comprehensive Protection Zone and a 41 million yuan project for Zhejiang Jingyin Electronic Technology [3]