CFMEE(688630) 东吴证券·2025-03-18 08:39Investment Rating - The report assigns an initial "Buy" rating for the company [1]. Core Views - The company is a leader in laser direct imaging (LDI) technology, experiencing rapid growth and expansion into various semiconductor applications, particularly in PCB manufacturing and advanced packaging [8][11]. - The company has demonstrated strong revenue growth, with a projected CAGR of approximately 36% from 2019 to 2024, and a significant increase in net profit [14][18]. - The report highlights the company's technological advantages in direct imaging for PCB production, which is expected to drive future demand and growth [24][31]. Summary by Sections 1. Company Overview - Founded in 2015, the company specializes in LDI technology and has rapidly expanded its product offerings to include PCB direct imaging, IC substrates, and advanced packaging [11]. - The company has achieved a significant increase in its core technology capabilities, with minimum line widths improving from 8um to 3-4um [11]. 2. PCB Sector - The direct imaging technology offers both technical and cost advantages, making it the mainstream technology for high-end PCB manufacturing [24][28]. - The global PCB market is projected to grow at a CAGR of 5.4%, reaching $90.4 billion by 2028, with increasing demand for high-density and high-integration products [32][34]. - The company has achieved a remarkable CAGR of 62% in PCB revenue from 2018 to 2023, significantly outpacing industry averages [45]. 3. Semiconductor Sector - The company is actively expanding into the semiconductor market, leveraging its LDI technology for applications in advanced packaging and IC manufacturing [51]. - The report notes that the demand for direct imaging technology in the semiconductor sector is driven by the need for high precision and flexibility in manufacturing processes [52]. 4. Financial Projections - Revenue projections for the company are set at 9.54 billion yuan for 2024, with net profit expected to reach 1.65 billion yuan [1]. - The report anticipates continued strong performance, with revenue and profit growth driven by expanding applications and market demand [14][18].