投资建议：给 予“增持”评级，目标价 40.06 元。公司为锡膏印刷设备龙头，持续开拓点胶及封装设备领域，成长空间不断打开。预计公司2024-2026 年EPS 分别为0.60/0.85/1.04 元，参考可比公司估值，给予公司25 年47.13 倍PE，对应目标价为40.06 元。Introduction to this report:
The company is a leader in solder paste printing equipment, pioneering dispensing and packaging equipment, and continues to open up room for growth.
Key investment points:
Investment advice: Give an “gain” rating, target price of 40.06 yuan. The company is a leader in solder paste printing equipment, continues to explore the field of dispensing and packaging equipment, and continues to open up room for growth. The company's 2024-2026 EPS is expected to be 0.60/0.85/1.04 yuan respectively. Referring to comparable company estimates, the company is given 47.13 times PE in 25 years, and the corresponding target price is 40.06 yuan.
Leading solder paste printing equipment, pioneering dispensing and packaging equipment. The company started with solder paste printing equipment, and this single product has the highest market share in the world. In 2017, the company actively entered the back-end dispensing process, which is part of the SMT process. The overall market space for dispensing equipment is larger than that of solder paste printing equipment, and the competitive pattern is relatively scattered, but the two customer groups are highly coincident. The company moved from solder paste printing to dispensing. While consolidating the position of solder paste printing equipment, it is also expected to open up a second growth curve.
2024H1, the company's dispensing equipment achieved revenue of 0.048 billion yuan, an increase of 72.04% over the previous year. The recognition of dispensing equipment from downstream customers continues to increase, and it is expected that the company's dispensing equipment market share will rapidly increase in the next few years. Furthermore, starting with the SMT process, the company expanded to backstage packaging, including LED and semiconductor packaging. In 2023, the company's LED packaging equipment achieved revenue of 0.216 billion yuan, a year-on-year increase of 266.1%, achieving a breakthrough. In the future, the company will continue to expand its LED packaging equipment customer base while strengthening supply chain management to enhance profitability. In addition to LED packaging, the company has also launched a semiconductor high-precision crystallizer. Currently, this device is in the promotion stage and will further open up the company's growth ceiling in the future.
The 3C cycle is dancing with growth, and the industry is expected to start a new round of capital expenditure. After more than 2 years of industry decline, sales of 3C terminals, mainly mobile phones, began to correct in 23Q3. The monthly sales growth rate of mainstream foundries continued to rectify for many months, and the upward trend in the 3C cycle was basically established. The 3C industry has the characteristics of supply creating demand, and the AI side is currently in full swing.
As the world's largest high-end mobile phone manufacturer, Apple is also expected to introduce AI in mobile phones in the fall of '24. With the implementation of AI on the end side and the continuous improvement of large model capabilities, it is expected that a new switching cycle will begin, prompting terminal brands to start a new round of capital expenditure, and 3C equipment vendors are expected to fully benefit.
Catalysts: The profitability of LED packaging equipment has rebounded, the volume of dispensing equipment has accelerated, and breakthroughs have been achieved in semiconductor packaging equipment.
Risk warning: The 3C industry fluctuates, market competition intensifies, the AI side falls short of expectations, and semiconductor business verification falls short of expectations.
