HHCK(688535) 中邮证券·2024-11-20 08:53Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][7] Core Views - The company is planning to acquire 100% of Huanwei Electronics to accelerate the domestic substitution of epoxy encapsulation materials [4] - The company has a competitive advantage in advanced packaging epoxy encapsulation materials and is focused on providing competitive products to meet the increasing performance demands of downstream customers [4][6] - Huanwei Electronics has a strong market position, ranking third globally in sales volume and fourth in sales revenue among epoxy encapsulation material companies, and first in China [4][6] Financial Summary - The latest closing price is 92.81 yuan, with a total market value of 7.5 billion yuan [4] - The company expects revenues of 351 million, 439 million, and 549 million yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 47.39 million, 63.56 million, and 85.28 million yuan [7][9] - The projected P/E ratios for 2024, 2025, and 2026 are 158, 118, and 88 respectively [7][9] - The company’s revenue growth rates are expected to be 23.96%, 25.06%, and 25.20% for the years 2024, 2025, and 2026 [9]