Zhejiang Jingsheng Mechanical & Electrical (300316) 东吴证券·2024-10-15 04:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has received new orders for semiconductor single crystal furnaces and polishing machines from Shanghai Xinsheng, benefiting from the expansion of 12-inch silicon wafer production capacity [3] - The company is expanding its semiconductor equipment layout across four major categories: large silicon wafer equipment, advanced processes, advanced packaging, and silicon carbide equipment [3] - The company is progressing with the domestic production of quartz crucibles and silicon carbide substrates, with plans to increase production capacity significantly by 2025 [4] - The profit forecast for the company is set at 46 billion, 54 billion, and 59 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 10, 8, and 7 [4] Financial Summary - Total revenue is projected to grow from 17,983 million yuan in 2023 to 26,918 million yuan in 2026, with a year-on-year growth rate of 69.04% in 2023 and gradually decreasing to 9.84% by 2026 [2][8] - The net profit attributable to the parent company is expected to increase from 4,558 million yuan in 2023 to 5,944 million yuan in 2026, with a significant drop in growth rate from 55.85% in 2023 to 10.44% in 2026 [2][8] - The latest diluted EPS is forecasted to rise from 3.48 yuan in 2023 to 4.54 yuan in 2026 [2][8] - The company's total assets are projected to grow from 49,503 million yuan in 2024 to 68,246 million yuan in 2026 [8] Market Data - The closing price of the company's stock is 33.93 yuan, with a market capitalization of approximately 44,432.48 million yuan [5] - The price-to-book ratio is 2.75, indicating the market's valuation relative to the company's book value [5]