KFMI(300666) 华金证券·2024-12-15 11:51Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The report highlights the accelerated development of semiconductor precision components business following the consolidation of Beijing Ruisheng, which is expected to enhance the security and stability of semiconductor equipment supply [2][3] - The company has developed over 40,000 types of semiconductor equipment components, achieving an 85% coverage of industry products [2] - The company is positioned as a leading global manufacturer of ultra-pure metal sputtering targets, with products entering the advanced 3nm process technology, serving major clients like TSMC and SMIC [2][3] Financial Performance and Forecast - Revenue projections for 2024 to 2026 are estimated at 36.32 billion, 47.54 billion, and 59.57 billion yuan, with growth rates of 39.6%, 30.9%, and 25.3% respectively [3][4] - Net profit forecasts for the same period are 3.84 billion, 5.16 billion, and 6.70 billion yuan, with growth rates of 50.1%, 34.5%, and 30.0% respectively [3][4] - The company's gross margin is expected to improve slightly from 29.9% in 2022 to 30.7% in 2026 [4] Business Development - The company has established multiple production bases for precision components across the country, integrating its products into the core supply chain of semiconductor clients [2] - The company is actively extending upstream in the supply chain to achieve full autonomy in raw material supply, including metals like aluminum, titanium, and tungsten [2][3] - The company has initiated a project to produce 150,000 pieces of integrated circuit core components annually, focusing on materials such as quartz and silicon [2] Market Position - The company holds the largest global market share in sputtering targets and is expanding its layout in the silicon carbide epitaxy field [3][4] - The report indicates that the demand for sputtering targets is significantly benefiting from the new capacity being established by downstream manufacturers [3]