Secote co.ltd(603283) 诚通证券·2025-02-20 11:38Investment Rating - The report assigns a "Buy" rating for the company, citing its core position as a key supplier of automation equipment for Apple and its promising growth in the semiconductor testing sector [6][9]. Core Insights - The company has been deeply engaged in the automation equipment industry for over 20 years, focusing on consumer electronics, semiconductors, and new energy sectors [20]. - In 2023, the company achieved a revenue of 4.446 billion yuan, with a five-year CAGR of 39%, and a net profit of 687 million yuan, with a five-year CAGR of 54% [1][25]. - The company is expected to benefit from Apple's innovation cycle and the growth in the semiconductor testing market, with significant orders in the HBM sector [3][9]. Summary by Sections Company Overview - The company specializes in providing intelligent manufacturing solutions and has expanded its business from consumer electronics to semiconductors and new energy through acquisitions [20]. - The company has established a strong relationship with Apple, which has been a significant contributor to its revenue, accounting for over 50% of its income from 2017 to 2023 [4][30]. Financial Performance - The company reported a revenue of 4.446 billion yuan in 2023, with a year-on-year growth of 51.76% [25]. - For the first three quarters of 2024, the company achieved a revenue of 3.194 billion yuan, representing a year-on-year growth of 21.76% [1][25]. - The projected revenues for 2024, 2025, and 2026 are 5.246 billion yuan, 6.506 billion yuan, and 7.612 billion yuan, respectively, with corresponding net profits of 842 million yuan, 1.058 billion yuan, and 1.249 billion yuan [6][10]. Industry Insights - The global industrial robot sales have been on the rise, with a CAGR of 10.5% from 2011 to 2023, indicating a growing trend towards automation [45]. - China remains the largest market for industrial robots, accounting for 51% of global installations in 2023 [51][52]. - The consumer electronics sector is the primary revenue source for the company, contributing 92.8% of its total revenue in 2023 [2][30]. Growth Drivers - The company is positioned to benefit from the increasing demand for automation in the consumer electronics sector, particularly with the anticipated growth in smartphone shipments driven by Apple [5][54]. - The semiconductor testing market presents a significant growth opportunity, with the company having secured bulk orders for HBM testing equipment [3][4].