维持增持评级 ：考虑到 24年3C 恢复不及预期及公司智能制造业务下滑，下调24-26 年EPS 为1.04/1.37 元/1.70 元（前值1.10/1.40/1.74元）。可比公司2025 年PE 均值为23 倍，给予公司25 年23 倍PE，上调目标价至31.51 元（前值27.50 元）。维持“增持”评级。Introduction to this report:
The performance fell slightly short of expectations; precision welding continued to explore the automotive market and entered the Bosch supply chain; AOI inspection expanded fields other than solder joints and actively entered the semiconductor packaging market.
Key points of investment:
Maintaining an increase in holdings rating: Considering that the 3C recovery in '24 fell short of expectations and the decline in the company's intelligent manufacturing business, EPS for 24-26 was lowered to 1.04/1.37 yuan/1.70 yuan (previous value of 1.10/1.40/1.74 yuan). Comparatively, the average PE value for the company in 2025 was 23 times, giving the company 23 times PE in 25 years, raising the target price to 31.51 yuan (previous value 27.50 yuan). Maintain an “Overweight” rating.
The results fell slightly short of expectations. 2024Q1-Q3 achieved revenue of 0.683 billion yuan/ +15.13%, net profit of 0.163 billion yuan/ +4.33%; deducted from non-return mother 0.133 billion yuan/ +2.05%. The 24Q3 Company achieved revenue of 0.232 billion yuan/ +22%, net profit of 0.044 billion yuan/ -7.31%; deducted from non-return mother 0.035 billion yuan/ -4.96%. 24Q1-Q3 gross margin and net margin were 48.31%/23.59%, respectively, -2.45pct/-0.54 pct, year-on-year, respectively. The 24Q1-Q3 R&D cost rate remained high at 13.34%. By the end of 24Q3, the company's contract debt was 0.065 billion yuan, an increase of 25% over the previous quarter.
Precision welding continues to explore the automotive market and enter the Bosch supply chain. The main precision welding business had revenue of 0.338 billion yuan/ +22.59% in the first half of '24, and A customers and many foundries were full of orders. Orders for selective wave soldering and laser welding equipment from companies such as BYD and Hesai Technology are showing a growing trend. In the first half of '24, the company became a qualified supplier of Bosch automotive electronic automatic equipment, which is expected to drive the company's intelligent automotive manufacturing business to leapfrog development.
AOI inspection expands fields other than solder joints and actively enters the semiconductor packaging market. 1) AOI inspection: Through high-intensity R&D investment, the company successfully developed AOI multi-dimensional full inspection equipment. From local solder joint inspection breakthroughs to various complex scenarios of PCB&FPC and chip inspection, it became the first batch of full inspection equipment suppliers for major customers, greatly opening up space for the company's subsequent growth. In addition, the company has also completed the development of 3D SPI inspection equipment, and the AOI inspection capability circle continues to expand.
2) Semiconductor packaging: The company's silver sintering equipment, heat-laminating machine, formic acid welding furnace, chip packaging AOI and other equipment have all been shipped. There is a clear trend in the introduction of SiC, which is expected to drive the release of core equipment such as silver sintering. In addition, the company is also actively deploying advanced packaging equipment such as flip mounters.
Risk warning: Policy implementation falls short of expectations, air conditioning production schedule falls short of expectations, and expansion into new fields falls short of expectations.
