Investment Rating - The report assigns an "Outperform" rating to the company, with a reasonable valuation range of 74.0 to 81.0 CNY per share, corresponding to a PE ratio of 60-65x for 2025 [4][53]. Core Insights - The company is a leading supplier of vacuum coating equipment, benefiting from the urgent demand for domestic high-end equipment. The global physical vapor deposition (PVD) equipment market is projected to grow from 19.35 billion USD in 2020 to 25.93 billion USD by 2026, with a CAGR of approximately 8.9% [2][3]. - The company has achieved a revenue and net profit CAGR of 9.81% and 28.44% respectively from 2018 to 2023, with a significant increase in revenue and profit in the first three quarters of 2024 due to recovering downstream demand [1][24]. - The company has established strong relationships with major clients such as Apple and Foxconn, and has recently signed a 370 million CNY order for composite copper foil equipment [3][21]. Summary by Sections Company Overview - The company, established in August 2006 and listed on the ChiNext board in June 2024, specializes in vacuum coating equipment and related process services, serving various industries including consumer electronics, aerospace, and semiconductors [1][13]. Financial Performance - The company's revenue was 5.22 billion CNY in 2023, with a slight decline of 8.58% due to weak demand in the consumer electronics market. However, revenue in the first three quarters of 2024 reached 431 million CNY, a year-on-year increase of 10.99% [24][23]. - The net profit for 2023 was 81 million CNY, with a projected net profit of 89 million CNY for 2024, reflecting a growth trend [24][43]. IPO and Fundraising - The company raised approximately 305 million CNY through its IPO, with funds allocated for expanding production capacity and enhancing research and development capabilities [28][29]. Profit Forecast - The forecast for net profit from 2024 to 2026 is 89 million CNY, 124 million CNY, and 189 million CNY respectively, indicating a growth rate of 10.1%, 38.9%, and 52.7% [40][53]. Valuation and Investment Recommendations - The report suggests that the company is well-positioned to capitalize on the urgent demand for domestic high-end vacuum coating equipment, with a reasonable valuation range of 74.0 to 81.0 CNY per share based on projected earnings [4][53].
汇成真空：真空镀膜设备领先供应商，充分受益高端设备国产化契机