MAYAIR(688376) 中泰证券·2025-03-04 13:25Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative performance increase of 5% to 15% over the next 6 to 12 months [2][7]. Core Views - The company is expected to achieve a revenue of 1,724 million yuan in 2024, reflecting a year-on-year growth rate of 15% [2]. - The net profit attributable to the parent company is projected to be 189 million yuan in 2024, with a year-on-year growth of 9% [2]. - The company has a strong market position in the semiconductor cleanroom sector, with an estimated market share of approximately 30% in new domestic semiconductor projects [5]. - The successful acquisition of Jiexinlong enhances the company's capabilities to provide comprehensive cleanroom solutions, expanding its product line [5]. - The company is actively expanding its overseas business, with overseas revenue reaching 140 million yuan in the first half of 2024, a year-on-year increase of 86% [5]. Financial Summary - The company’s total revenue for 2022 was 1,227 million yuan, which increased to 1,505 million yuan in 2023, representing a growth rate of 23% [2]. - The earnings per share (EPS) for 2024 is estimated at 1.41 yuan, with a projected increase to 1.95 yuan in 2025 [2]. - The net asset return rate is expected to rise from 10% in 2024 to 14% in 2026 [2]. - The price-to-earnings (P/E) ratio is projected to decrease from 27.1 in 2025 to 19.5 in 2026, indicating a more attractive valuation over time [2].