Maintaining the “Overweight” rating, the target price is 28.78 yuan. The company continues to expand product categories and downstream applications, and the room for growth continues to open up. Considering that 3C is in a downward cycle, the company's 2023-2024 EPS was reduced to 0.77/1.12 yuan (originally 1.65/2.12 yuan), and added 2025 EPS to 1.48 yuan. Referring to comparable company valuations, the company was given 25.7 times PE in 2024, corresponding to a target price of 28.78 yuan.
The leading domestic manufacturer of precision welding equipment continues to enrich product categories and downstream applications. The company started with precision welding equipment, continued R&D and iteration, and was widely used in fields such as 3C and automotive electronics, and became the “single champion in the manufacturing industry” for electronic assembly precision welding. Based on precision welding, the company has accumulated rich AOI inspection experience. From high-density microporous solder joint inspection to multi-dimensional full inspection, the core is the application of AI models and 3D technology, forming a “perfect welding inspection” process level. In addition, the company is actively expanding the field of new energy vehicles with leading products such as selective wave soldering, and provides complete automation solutions such as 3D/4D millimeter-wave radar, lidar, wire-controlled chassis, PTC thermal management systems, and domain controllers.
Break into semiconductor packaging and open up a new blue ocean of growth. Based on the homology of welding processes and automation technology, the company entered the field of semiconductor packaging and solid-crystal bonding through mergers and acquisitions+self-development. The company established Quickchip Equipment and has launched main equipment such as high-speed crystal soldering machines, formic acid welding furnaces, and silver sintering equipment to provide complete packaging solutions for silicon carbide power modules. The company continues to develop high-speed high-precision crystallizers and advanced packaging high-end equipment to help localize semiconductor-related equipment. The equipment market space described above is vast, and the localization rate is still low. The company is expected to enter a new blue ocean of growth.
Catalysts: The 3C industry is picking up, the SiC launch trend is accelerating, and the company's new products are successfully verified and shipped.
Risk warning: macroeconomic and 3C industry sentiment fluctuates, market competition intensifies, SiC launch falls short of expectations, and verification of the company's new equipment falls short of expectations.