Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading domestic manufacturer of vacuum coating equipment, specializing in PVD vacuum coating technology, and has established deep partnerships with Apple and its supply chain [2][44] - The company has shown resilience in revenue recovery despite market fluctuations, with a diversified customer base and ongoing expansion into emerging industries [24][44] - The company is actively investing in R&D and production facilities to enhance its technological capabilities and product offerings [3][23] Summary by Sections Investment Logic - The company has over ten years of experience in the vacuum coating equipment sector, focusing on PVD technology, which includes vacuum evaporation, magnetron sputtering, and ion plating [2] - It has maintained stable annual revenue exceeding 100 million from the Apple supply chain, with a strong competitive position against multinational companies [2][44] - The company is diversifying its business into new industries, including automotive smart driving and renewable energy applications [2][44] IPO Situation - The company plans to go public in June 2024, issuing 25 million shares at a price of 12.20 RMB, raising approximately 241.73 million RMB for R&D and working capital [3][23] Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits of 75 million, 128 million, and 180 million RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.75, 1.28, and 1.80 RMB [4] - The report assigns a 2025 PE valuation of 65x, leading to a target price of 83.2 RMB per share [4] Company Overview - The company has shown a stable revenue trend, with 2022 revenue at 571 million RMB, a slight decline in 2023 to 522 million RMB, and a forecasted recovery in 2024 [7][24] - The company’s net profit has also shown growth, with a compound annual growth rate of 13.78% from 2021 to 2023 [17] - The company’s revenue from vacuum coating equipment accounted for 64.62% of total revenue in the first half of 2024, indicating strong performance in its core business [17][24] Market Position and Customer Base - The company has a concentrated customer base, with the top five clients accounting for 60.48% of sales in 2022, including major players like Foxconn and BYD [50][52] - The company is reducing its reliance on the Apple supply chain, with non-Apple revenue increasing to 85.69% in the first half of 2023 [56]
汇成真空：国产真空镀膜设备供应商，产品覆盖消费电子、工业等多领域