20230812-天风证券-圣晖集成-603163.SH-收入维持高增长_看好下游景气支撑业绩释放_4页_772kb

Summary of Haitong Securities Research Report on Shenghui Integration (603163)

Company Overview

• Stock Code: 603163
• Industry: Building Decoration / Professional Engineering
• Investment Rating: Buy (maintained rating), based on strong growth potential.
• Current Price: CNY 373, target price at CNY 5,622.
• Key Highlights: The company specializes in high-end cleanroom systems, with leading domestic expertise and strong client relationships, positioning it to benefit from IC semiconductor国产替代 trends.

Financial Performance 2023 H1

• Revenue: CNY 91.5 billion, up 36% YoY;净利润: CNY 7.7 billion, up 22% YoY; Deductible Net Profit: Up 30%.
• Quarterly: Revenue growth slowed to +20% in Q2,净利润 margin contraction noted.
• Gross Margin: Down to 16.19% YoY, impacting profitability.
• Other Metrics: Cost control effective (expense rate down), strong cash flow (+CNY 0.35 billion inflow).

Business Strengths

• Downstream Growth: Dominant in IC semiconductor, precision manufacturing, and optics sectors (e.g., 66% revenue from semiconductor).
• Order Pipeline: CNY 16.7 billion orders +2137% YoY, with a 1-2 year conversion cycle.
• Customer Base: High client retention with key partners like Huawei and Apple suppliers; expanding marketing network in central/southwestern China.

Risks and Opportunities

• Risks: Downstream demand volatility, increased industry competition, project execution delays.
• Opportunities: IC国产替代 acceleration, ongoing market expansion, potential margin improvements.

Conclusion

Maintain "Buy" recommendation due to strong growth outlook in high-potential segments. Target price reflects 35x PE growth for FY23. Key risks involve demand uncertainty and competition.

Financial Forecast

• Revenue Growth (2023E-2025E): 30.28% to 31.50%;净利润: 30.76% to 33.25% YoY improvement.
• Valuation Metrics: PE ranges from 17.52 to 21.32x; P/B declining, indicating undervaluation relative to growth prospects.