GenTech(688596) 华西证券·2024-06-02 13:02Investment Rating - The report maintains an "Accumulate" rating for the company [57]. Core Viewpoints - The company is a leading provider of process medium supply systems, actively engaging in both CAPEX and OPEX businesses, resulting in sustained rapid growth in performance. The company has established a strong customer base across various sectors, including semiconductor and photovoltaic industries, with significant revenue growth driven by large-scale expansion demands in these sectors [58][67]. - The company's revenue reached 3.835 billion yuan in 2023, with a CAGR of 31% from 2016 to 2023. The net profit attributable to shareholders was 401 million yuan, reflecting a CAGR of 52% during the same period, indicating a notable improvement in profitability [58][90]. - The company has a robust order backlog, with new contracts signed amounting to 6.6 billion yuan in 2023, a year-on-year increase of 60%. As of the end of Q1 2024, the total contracts on hand reached 7.5 billion yuan, with 53% from the semiconductor sector [58]. Summary by Sections 1. Company Overview - The company specializes in electronic process equipment, biopharmaceutical equipment, electronic gases, advanced materials, and MRO services, covering a wide range of applications in the semiconductor and biopharmaceutical industries [100]. 2. Process Medium System - The process medium system market remains robust, with a projected market size of 178 billion yuan in 2023 for the semiconductor industry, expected to grow to 242 billion yuan by 2025. The company achieved revenue of 2.9 billion yuan from electronic process equipment in 2023, accounting for 76% of total revenue [74][67]. 3. Semiconductor Equipment Components - The Gas Box market, a key component in dry semiconductor equipment, is projected to reach 10.2 billion USD in China by 2023, with significant growth expected. The company has established a strong competitive edge in this area, with a 104% year-on-year revenue growth in 2023 [74][75]. 4. Electronic Materials - The electronic gas market is expanding rapidly, with the global market for electronic gases projected to reach 69 billion USD in 2023. The company is focusing on enhancing its competitive position in the electronic specialty gas sector and expanding its product offerings [59][58]. 5. Profitability Forecast and Investment Recommendations - The company is expected to achieve revenues of 5.396 billion yuan in 2024, with a year-on-year growth of 40.7%. The net profit is projected to reach 593 million yuan, reflecting a growth of 47.9% [60][75].