murkaslots|美埃科技(688376)：耗材占比提升 海外市场持续开拓

Core viewpointsMurkaslots23 years of high performance growth, looking forward to the accelerated release of orders. The company released its 23 annual report and 24-year quarterly report, and achieved 15% revenue in 2023.Murkaslots500 million yuan (+ 22.68% compared with the same period last year) and 173 million yuan (+ 40.76% compared with the same period last year), relying on the localization of semiconductors and breakthroughs in overseas new customer / field orders to achieve high performance growth. In 2024, Q1 realized operating income of 273 million yuan (year-on-year + 2.08%) and return-to-home net profit of 35 million yuan (year-on-year + 5.44%). The stable performance is due to the influence of off-season, start-up and delivery factors, combined with the company's abundant on-hand orders, the annual growth attribute is still outstanding. High gross margin consumables improve the level of profit margin, and overseas orders maintain high growth. In 2023, the company sold 4.0525 million sets of fan filter units and filter products (+ 14.26% compared with the same period last year), of which the proportion of consumables revenue increased to 30%. High gross margin consumables led the company to sell net profit of + 1.38 PCT in 23 years. In addition, the breakthrough in overseas orders accelerated, and the company's overseas revenue in 23 years was 171 million yuan (+ 30.79% compared with the same period last year). From the perspective of subdivision, the proportion of income in clean room air purification, indoor air quality optimization and air pollution emission control is 75%, 22% and 3%, respectively. Semiconductor clean advantage building, domestic replacement and overseas expansion to promote growth. In terms of product strength and brand reputation, the company has been ahead of domestic manufacturers and overseas leaders, and has formed an oligopoly competition in the domestic market with the international giants of CAMFIL and AAF. In the future, the domestic market capacity expansion superimposed domestic substitute dividend will bring broad order increment. At the same time, the company has accelerated its overseas layout, has been certified by many overseas semiconductor manufacturers and ISO, ASHRAE and other international standards, and continues to carry out product sample delivery, the company's overseas business growth is expected. Profit forecast and investment advice. Semiconductor clean faucet, the proportion of consumables continues to increase + overseas market volume to open up room for growth. It is estimated that the company's net profit from 2024 to 2026 will be 294 million RMB, corresponding to PE 19.82, 15.35 and 12.38 times, which will be valued by 25xPE in 2024, with a reasonable value of 42.38 yuan per share, maintaining the "buy" rating. Risk hint. Project production schedule is lower than expected; industry policy change; new order acquisition risk. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.