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 ...

Core Viewpoint - The report on Kuaike Intelligent (603203) indicates that the company's performance meets expectations, with stable growth in revenue and profit, and highlights significant potential in semiconductor equipment technology breakthroughs [1][4]. Financial Performance - In 2024, the company achieved revenue of 945 million yuan, a year-on-year increase of 19%, and a net profit attributable to shareholders of 212 million yuan, up 11% year-on-year. The net profit excluding non-recurring items was 174 million yuan, reflecting a 17% increase year-on-year [1]. - For Q1 2025, the company reported revenue of 250 million yuan, an 11% year-on-year increase, with a net profit of 66 million yuan, also up 11% year-on-year, and a net profit excluding non-recurring items of 59 million yuan, marking a 19% increase year-on-year [1]. Business Segment Analysis - Precision welding equipment benefited from a structural recovery in consumer electronics, generating revenue of 698 million yuan, a 32% increase year-on-year, with a gross margin of 50.84%, down 1.22 percentage points [2]. - Machine vision process equipment revenue reached 137 million yuan, up 37% year-on-year, with a gross margin of 49.75%, down 3.37 percentage points [2]. - Smart manufacturing equipment revenue was 83 million yuan, down 41% year-on-year, with a gross margin of 30.97%, up 3.04 percentage points [2]. - Silicon carbide and packaging equipment revenue was 26 million yuan, a 9% increase year-on-year, with a gross margin of 40.90%, up 7.05 percentage points [3]. Future Growth Potential - The company anticipates significant growth from breakthroughs in silicon carbide and packaging equipment technology, with ongoing collaborations with major international and domestic semiconductor companies [3]. - Revenue projections for 2025-2027 are 1.061 billion yuan, 1.298 billion yuan, and 1.496 billion yuan, respectively, with year-on-year growth rates of 12.31%, 22.29%, and 15.27% [4]. - Expected net profits for the same period are 259 million yuan, 312 million yuan, and 364 million yuan, with growth rates of 22.10%, 20.22%, and 16.92% respectively [4].

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 ...

公司报告 | 年报点评报告 半导体领域固晶键合封装设备：碳化硅与先进封装前瞻性布局取得突破。1）碳化硅领域， 24 年公司自主研发的银烧结系列设备加速技术迭代，已与英飞凌、博世等国际大厂及比亚迪 半导体、汇川技术、时代电气等本土龙头开展业务合作，其中银烧结核心模块——银烧结模 具可实现最短一个月交付，极大满足客户工艺迭代和快速量产的需求。2）半导体封装领域， 24 年高速高精固晶机 QTC1000 形成批量订单，子公司快克芯装备在半导体封装 Die Bonding 领域踏出了关键坚实的一步；此外，公司聚焦先进封装高端装备 TCB 的研发，2025 年年内 将完成样机研发并提供打样服务。 盈利预测：维持"买入"评级。考虑到消费电子行业复苏不及预期，我们对盈利预测进行调 整，预计 25-27 年归母净利润 2.53、3.20、3.99 亿元（25-26 年前值：3.97、4.94 亿元），维持 "买入"评级。 风险提示：原材料价格波动风险、消费电子行业复苏不及预期风险、在研项目不及预期的风 险 快克智能（603203） 证券研究报告 业绩符合预期，3C 设备稳步增长，半导体设备开启全新成长曲线 2024 年全年： ...