MAYAIR(688376) 德邦证券·2024-06-05 11:00Investment Rating - The report initiates coverage on MayAir Technology (688376.SH) with a "Buy" investment rating [23]. Core Views - The company is positioned as a leading cleanroom equipment provider in China, benefiting from the growing demand in the semiconductor and biopharmaceutical sectors. The report anticipates significant revenue growth driven by capacity expansion and market demand [23][62]. - The semiconductor industry is expected to see a new round of expansion, which will further increase the demand for cleanroom equipment [61][62]. - The company has established a strong customer base across various sectors, including major semiconductor manufacturers and healthcare providers, which supports its revenue growth [62][74]. Summary by Sections Company Overview - MayAir Technology has over 20 years of experience in advanced air purification technology, initially focusing on electronic and air conditioning products before entering the semiconductor cleanroom sector in 2002 [70]. - The company has become a key supplier for major clients like SMIC and BOE, contributing significantly to its revenue [62][74]. Market Dynamics - The cleanroom market in China is projected to exceed 200 billion yuan, with equipment accounting for approximately 50% of this market [67]. - The report highlights the increasing importance of cleanroom standards in semiconductor manufacturing, particularly as production processes become more sophisticated [7][74]. Product Performance - The company's core products, including fan filter units (FFU) and filters, exhibit superior performance metrics, leading to high gross margins. The gross margins for high-efficiency filters and FFUs were reported at 33.1% and 23.8%, respectively [47][74]. - The shift towards consumable products is expected to enhance the company's business model, transitioning from project-based revenue to a more stable industrial consumer goods model [47]. Financial Projections - Revenue is projected to grow from 1.85 billion yuan in 2024 to 2.73 billion yuan in 2026, with corresponding net profits expected to rise from 239 million yuan to 361 million yuan during the same period [23][65]. - The report anticipates a compound annual growth rate (CAGR) of approximately 23.2% for revenue and 38.2% for net profit from 2024 to 2026 [23]. Competitive Landscape - MayAir Technology is compared with peers such as Zaiseng Technology and Jinhai High-Tech, with an average price-to-earnings (PE) ratio forecasted at 27X for 2024 and 22X for 2025 [48]. - The company is actively expanding its production capacity, particularly in Southeast Asia, to meet the growing international demand for its products [20][62].