CITIC Securities: Maintains a "buy" rating for Zhongwei Company, with a good level of outstanding orders.

CITIC Securities Research Report pointed out that in 2024, Zhongwei Company's revenue increased by 45%, achieving high-speed growth, and the first film deposition equipment was sold. The net profit attributable to the mother decreased by 10% year-on-year, mainly due to the company providing sales discounts to some customers, a significant increase in research and development expenses, and a decrease in equity disposal income. In Q1 2025, the company's revenue increased by 35%, maintaining high growth, and the net profit attributable to the mother increased by 26%, lower than the revenue growth rate, mainly due to a significant increase in research and development expenses. The company's inventory and contract liabilities maintained good growth, indicating that the amount of orders in hand is at a good level. The company actively promotes platform layout, the competitive strength of etching equipment continues to increase, and multiple film deposition equipment devices are progressing rapidly, and plans to cover a variety of volume detection equipment products, which are worth looking forward to in the future. Maintaining a "buy" rating.