Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 2.705 billion yuan, a year-on-year increase of 58.6%. The net profit attributable to shareholders was 663 million yuan, up 79.8% year-on-year [3][9] - In Q1 2024, the company experienced a decline in net profit due to increased expenses and longer acceptance cycles for new products, resulting in a revenue of 472 million yuan, a year-on-year increase of 17.25%, but a net profit drop of 80.51% [3][9] - The company has a strong growth potential with its PECVD technology and a broad stock incentive plan aimed at long-term development [4][14] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.705 billion yuan, with a 58.6% year-on-year growth. The revenue from thin film deposition equipment was 2.57 billion yuan, up 52.51% year-on-year [3][9] - The gross profit margin for 2023 was 51.01%, an increase of 1.74 percentage points year-on-year, while the net profit margin was 24.54%, up 3.19 percentage points [10][11] Inventory and Liabilities - As of Q1 2024, the company's contract liabilities were 1.386 billion yuan, a decrease of 15.1% year-on-year, while inventory increased to 5.613 billion yuan, up 106.59% year-on-year [4][11] Incentive Plans - The company announced a stock incentive plan for 2023, proposing to grant up to 3.75 million restricted shares to 701 employees, which represents 76% of the workforce. The revenue targets for 2024-2026 are set at 3.33 billion, 4.44 billion, and 5.29 billion yuan respectively [4][13] Growth Potential - The PECVD technology has shown continuous expansion potential, with 2023 revenue from PECVD reaching 2.32 billion yuan, a year-on-year increase of 48%. The company has also made significant progress in ALD and SACVD technologies [14][15] Profit Forecast - The profit forecasts for 2024 and 2025 have been adjusted to 830 million and 1.18 billion yuan respectively, with a projected net profit of 1.41 billion yuan for 2026. The current market value corresponds to dynamic P/E ratios of 44, 31, and 26 times for the respective years [4][15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 2.705 billion yuan in 2023, representing a year-on-year growth of 58.60%, and a net profit of 663 million yuan, which is an increase of 79.82% year-on-year [3] - In Q1 2024, the company achieved a revenue of 472 million yuan, showing a year-on-year growth of 17.25%, but the net profit decreased by 80.51% year-on-year [3] - The semiconductor thin film deposition equipment business is steadily developing, with the company covering a full range of PECVD thin film materials and receiving bulk orders [3] - The company has launched new models of reaction chambers to meet the stringent requirements of chip technology [3] - The first quarter of 2024 faced challenges due to longer acceptance cycles for new products and increased costs associated with business expansion and R&D investments [3] - The company is advancing into the field of advanced packaging with its first wafer-to-wafer bonding product, which has passed customer validation and received repeat orders [3] - The forecast for net profit from 2024 to 2026 is 835 million yuan, 1.205 billion yuan, and 1.557 billion yuan, corresponding to PE ratios of 40.94, 28.37, and 21.96 respectively [3] Financial Data Summary - Revenue for 2022 was 1.706 billion yuan, with a projected revenue of 4.021 billion yuan for 2024, indicating a growth rate of 48.66% [2] - The net profit for 2022 was 368 million yuan, with a projected net profit of 835 million yuan for 2024, reflecting a growth rate of 26.02% [2] - The company's EPS for 2022 was 2.15 yuan, expected to rise to 4.44 yuan in 2024 [2] - The company's ROE is projected to increase from 14.42% in 2023 to 15.34% in 2024 [2] - The company's PB ratio is expected to decrease from 9.42 in 2023 to 6.28 in 2024 [2]

Investment Rating - The report assigns a rating of "Buy" for the company [2] Core Views - The company has shown significant revenue growth, with a 59% year-on-year increase in 2023, reaching 2.705 billion yuan, driven by advancements in new processes and product development [3] - The company expects to deliver over 1,000 reaction chambers in 2024, with a year-on-year growth rate exceeding 117% [3] - Despite high R&D expenses impacting short-term profitability, the company maintains strong market competitiveness and growth potential [4][7] Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 663 million yuan, up 80% year-on-year, with a sales net profit margin of 24.54% [4] - For Q1 2024, the company reported a net profit of 10.47 million yuan, a decrease of 80.51% year-on-year, primarily due to increased R&D expenses [4] - The company’s revenue for Q1 2024 was 472 million yuan, reflecting a 17% year-on-year increase [3] Product Development - The company has expanded its thin film deposition equipment offerings, including PECVD, ALD, SACVD, and HDPCVD, supporting over 100 process applications [6] - New product platforms and reaction chambers have been successfully developed and validated, enhancing the company's competitive edge [6] Revenue and Profit Forecast - The revenue forecast for 2024 and 2025 has been adjusted to 4.125 billion yuan and 5.636 billion yuan, respectively, with a projected net profit of 819 million yuan for 2024 [7] - The expected earnings per share (EPS) for 2024 is 4.35 yuan, with a price-to-earnings (PE) ratio of 42 times based on the latest stock price [7]

[Table_Page] 年报点评|半导体 证券研究报告 [拓Table_荆Title] 科技（688072.SH） [公Tab司le_I评nves级t] 买入 当前价格 181.67元 费用拖累 24Q1 业绩表现，24 全年出货有望创新高 合理价值 331.66元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30 ⚫ 费用拖累24Q1业绩表现，24全年出货有望创新高。公司发布23年 [相Tab对le_P市icQ场uote表] 现 年报及24年一季报。23年，公司营收27.05亿元，YoY+58.6%；归 母净利润6.63亿元，YoY+79.82%；毛利率51.01%，YoY+1.74pct； 10% 0% 净利率 24.54%，YoY+3.19pct；23 年公司出货超过 460 个反应腔， 05/23 07/23 09/23 10/23 12/23 02/24 04/24 -11% 预计 24 年全年出货超过 1000 个反应腔，有望创历史新高。24Q1， -21% 公司营收4.72亿元，YoY+17.25%；归母净利润1047万元， -32% YoY- ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index [6][10]. Core Insights - The company achieved a revenue of 2.705 billion yuan in 2023, representing a year-on-year increase of 58.60%, and a net profit of 663 million yuan, up 79.82% year-on-year [2][3]. - The company has a strong order backlog of 6.423 billion yuan at the end of 2023, which supports future revenue growth [3]. - The company is experiencing a decline in performance in Q1 2024, with a revenue of 472 million yuan, a year-on-year increase of 17.25%, but a net loss of 10 million yuan, down 80.51% year-on-year [2][3]. Financial Performance Summary - In 2023, the company reported a compound annual growth rate (CAGR) of 107.31% in revenue from 2018 to 2023 [3]. - The company’s R&D investment reached 576 million yuan in 2023, a 52.07% increase year-on-year, contributing to improved revenue and profitability [3][5]. - The projected revenues for 2024, 2025, and 2026 are 4.067 billion yuan, 5.395 billion yuan, and 7.016 billion yuan, respectively, with corresponding net profits of 856 million yuan, 1.105 billion yuan, and 1.458 billion yuan [6][8]. Product Development and Market Position - The company has expanded its product offerings in thin film technology, including PECVD, ALD, SACVD, and HDPCVD, which are essential for logic and memory chips [5]. - In 2023, the company shipped over 460 reaction chambers and aims to exceed 1,000 shipments in 2024, setting a new record [5]. - The company has successfully launched new equipment platforms and reaction chambers, enhancing production capacity and performance metrics [5]. Future Outlook - The company is expected to maintain a strong growth trajectory, with projected P/E ratios of 40x, 31x, and 23x for 2024, 2025, and 2026, respectively [6][8]. - The ongoing high R&D investment is anticipated to continue driving innovation and market penetration, further solidifying the company's competitive advantage [3][5].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][14]. Core Insights - The company achieved a revenue of 2.705 billion yuan in 2023, representing a year-over-year increase of 58.60%. The gross margin was 51.01%, and the net profit attributable to shareholders was 663 million yuan, up 79.82% year-over-year [1][2]. - For Q1 2024, the company reported a revenue of 472 million yuan, a year-over-year increase of 17.25%, but a quarter-over-quarter decrease of 52.94%. The gross margin was 47.31%, with a net profit of 10 million yuan, down 80.51% year-over-year [1][2]. - The company is experiencing a positive trend in revenue and new orders, with a significant increase in R&D investment and new product validations, although short-term profits are under pressure due to high costs associated with new product launches [1][2]. - The company has a strong order backlog, with inventory at 5.61 billion yuan and contract liabilities at 1.386 billion yuan as of Q1 2024 [1][2]. - The company launched two new equipment platforms and two new reaction chambers in 2023, with over 130 new reaction chambers receiving customer orders and more than 460 units shipped [1][2]. - The company is positioned as a leader in the domestic semiconductor film deposition equipment market, with a strong focus on R&D and product innovation [1][2]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 4.081 billion yuan, 5.268 billion yuan, and 6.527 billion yuan, respectively, with expected growth rates of 50.9%, 29.1%, and 23.9% [2][8]. - The projected net profit for the same years is 823 million yuan, 1.103 billion yuan, and 1.375 billion yuan, with growth rates of 24.2%, 34.1%, and 24.7% [2][8]. - The company’s earnings per share (EPS) are expected to increase from 3.52 yuan in 2023 to 4.37 yuan in 2024, and further to 5.86 yuan in 2025 [2][8].

Investment Rating - The report maintains a "Recommend" rating for the company [2][6] Core Viewpoints - The company achieved significant revenue and profit growth in 2023, with revenue reaching 2.705 billion yuan, a year-on-year increase of 58.60%, and a net profit of 663 million yuan, up 79.82% [3][4] - The company has a strong order backlog of 6.423 billion yuan at the end of the reporting period, providing a solid foundation for future performance [4][6] - The company continues to invest heavily in R&D, with R&D expenses of 576 million yuan in 2023, representing 21.29% of revenue, leading to advancements in various product lines [4][6] Financial Summary - For 2024 Q1, the company reported revenue of 472 million yuan, a year-on-year increase of 17.25%, but net profit decreased by 80.51% to 10.47 million yuan due to increased costs and longer acceptance periods for new products [6][8] - The company expects continued revenue growth, with projected revenues of 4.125 billion yuan in 2024, 5.389 billion yuan in 2025, and 6.935 billion yuan in 2026, reflecting growth rates of 52.5%, 30.7%, and 28.7% respectively [5][11] - The company's net profit is projected to reach 970 million yuan in 2024, 1.342 billion yuan in 2025, and 1.753 billion yuan in 2026, with corresponding growth rates of 46.4%, 38.4%, and 30.7% [5][11] Market Position - The company is positioned as a leading domestic manufacturer of thin film deposition equipment, with a diverse product portfolio including PECVD, SACVD, ALD, and HDPCVD equipment, which enhances its competitive edge [6][8] - The company has successfully validated new products in various fields, including HDPCVD and bonding equipment, which have been well-received in the market [6][8]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 2.705 billion yuan, a year-on-year increase of 58.60%. The net profit attributable to shareholders was 663 million yuan, up 79.82% year-on-year [1][2]. - The first quarter of 2024 showed a revenue of 472 million yuan, a year-on-year growth of 17.25%, but the net profit dropped by 80.51% to 10 million yuan due to a slowdown in revenue recognition [1][2]. - The company is positioned as a leading domestic manufacturer of thin-film equipment, with a strong order backlog of 6.423 billion yuan at the end of 2023, an increase of 1.821 billion yuan from the previous year [1][2]. - The company expects to exceed 1,000 units shipped in 2024, representing over 100% growth year-on-year, which is anticipated to provide performance elasticity in subsequent quarters [1][2]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 2.705 billion yuan, with thin-film equipment revenue at 2.570 billion yuan, marking a 52.51% increase. The gross profit margin was 51.01%, up 1.74 percentage points [1][2][6]. - The forecast for 2024-2026 projects revenues of 4.108 billion yuan, 5.877 billion yuan, and 7.780 billion yuan, respectively, with corresponding net profits of 822 million yuan, 1.245 billion yuan, and 1.729 billion yuan [2][6]. Product Development - The company has made advancements in various thin-film processes, achieving industrialization of multiple new technologies in 2023, including PECVD and ALD equipment [1][2]. - The mixed bonding equipment has also begun to generate revenue, with sales of 3 units contributing 64 million yuan in 2023 [1][2]. Market Position - The company is recognized for its strong domestic substitution capabilities in the thin-film equipment sector, which is expected to enhance its competitive edge in the semiconductor industry [1][2].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 241.45 CNY [5]. Core Views - The company achieved a revenue of 2.705 billion CNY in 2023, a year-on-year increase of 58.60%, and a net profit attributable to the parent company of 663 million CNY, up 79.82% year-on-year [2][9]. - The company expects to double its shipment of reaction chambers in 2024, with over 1,000 units projected to be shipped [2][9]. - The decline in net profit in Q1 2024 is attributed to longer acceptance cycles for new products and increased expenses due to business scale growth and heightened R&D investment [2][9]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 2.705 billion CNY, with a significant contribution from thin-film deposition equipment, which generated 2.570 billion CNY, a 52.51% increase year-on-year [2]. - The Q4 2023 performance showed a revenue of 1.002 billion CNY, a 40.39% increase year-on-year and a 43.46% increase quarter-on-quarter [1]. - For Q1 2024, the company reported a revenue of 472 million CNY, a 17.25% year-on-year increase but a significant quarter-on-quarter decrease of 86.39% [1][2]. Product Development - The company successfully passed customer verification for its first wafer-to-wafer bonding product, Dione 300, and received repeat orders [3]. - The newly launched chip-to-wafer hybrid bonding pre-treatment product, Propus, also achieved customer verification and industrial application [8]. Future Projections - Revenue projections for 2024 to 2026 are 4.058 billion CNY, 5.275 billion CNY, and 6.593 billion CNY, respectively, with net profits expected to be 826 million CNY, 1.007 billion CNY, and 1.396 billion CNY [9][12]. - The company anticipates a significant increase in equipment shipments, contributing to revenue growth [9].

Dividend and Capital Structure - The company plans to distribute a cash dividend of 3.5 RMB per 10 shares, totaling approximately 65.8 million RMB, which represents 9.93% of the net profit attributable to shareholders[4]. - The company will increase its total share capital to 278,426,678 shares after a capital reserve conversion plan, distributing 90,238,423 shares based on the current total share capital[5]. - The cash dividend distribution is based on a total share capital of 187,996,715 shares after accounting for treasury shares[4]. Financial Performance - The company reported a significant increase in revenue, achieving a total of $X million for the fiscal year, representing a Y% growth compared to the previous year[13]. - The company's operating revenue for 2023 reached ¥2,704,974,035.48, representing a 58.60% increase compared to ¥1,705,562,723.82 in 2022[22]. - Net profit attributable to shareholders for 2023 was ¥662,583,836.09, a 79.82% increase from ¥368,470,797.91 in 2022[22]. - The net profit after deducting non-recurring gains and losses was ¥312,119,681.34, up 75.29% from ¥178,057,348.30 in 2022[22]. - The company's total assets as of the end of 2023 were ¥9,969,345,254.15, a 36.31% increase from ¥7,313,735,941.18 in 2022[22]. - The net assets attributable to shareholders increased to ¥4,593,860,407.52, reflecting a 23.77% growth from ¥3,711,485,492.51 in 2022[22]. - Basic earnings per share for 2023 were ¥3.54, a 64.65% increase compared to ¥2.15 in 2022[23]. - The net cash flow from operating activities for 2023 was negative at -¥1,657,342,652.77, a significant decrease from ¥247,625,867.82 in 2022[22]. Corporate Governance and Compliance - The company has not reported any significant risks that could materially affect its operations during the reporting period[3]. - The company has received a standard unqualified audit report from Tianjian Accounting Firm[3]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[6]. - The company has not violated any decision-making procedures for providing guarantees[6]. - The company’s board of directors and supervisory board members have all attended the board meetings, ensuring governance compliance[3]. - The company has not disclosed any special arrangements for corporate governance during the reporting period[5]. - The company has conducted 5 shareholder meetings and 12 board meetings during the reporting period, enhancing governance and decision-making processes[82]. - The company received an "A" rating for its information disclosure practices, reflecting its commitment to transparency and investor relations[83]. Research and Development - The company is investing in R&D, allocating E million towards the development of advanced technologies and innovative solutions[13]. - The company’s R&D investment reached 57,594.89 million yuan, an increase of 52.07% year-on-year, accounting for 21.29% of operating revenue[48]. - The company applied for a total of 350 new patents during the reporting period, including 183 invention patents and 141 utility model patents[119]. - The company has accumulated a total of 1,240 patent applications, with 395 patents granted as of the end of the reporting period[119]. - The company has developed advanced thin film deposition equipment, enhancing production capacity and reducing particle contamination[117]. - The company has achieved significant advancements in core technologies, addressing key challenges in semiconductor manufacturing, such as uniformity and stability of nano-thin films[115]. Market Expansion and Strategy - Market expansion efforts are underway, with plans to enter F new markets by the end of the fiscal year[14]. - The company is exploring potential acquisitions to enhance its market position and expand its product offerings[13]. - The company is focused on expanding its product offerings in advanced dielectric films and enhancing chip performance through innovative materials[22]. - The company is exploring strategic partnerships to enhance its distribution channels and market reach[182]. - The company plans to expand its market presence and is focusing on new product development, particularly in the technology sector[182]. Operational Challenges and Risks - The company faced risks related to market competition, particularly from international semiconductor equipment manufacturers, which could impact its market share and operational performance[136]. - The company is focused on reducing the verification cycle of new products and processes, which is currently longer than that of mature products, to improve cash flow and financial stability[135]. - The company is actively monitoring the semiconductor industry cycle to align its operations with market demand and mitigate risks associated with customer expansion plans[137]. - The company reported a 53.16% increase in operating costs to ¥1,325,247,379.98, driven by the expansion of production capacity and increased operational activities[142]. Employee and Talent Management - The company’s workforce has grown to 1,070 employees, with 484 in R&D, representing 45.23% of total staff[66]. - The average salary of R&D personnel is ¥37.04 million, with total salaries amounting to ¥17,926.03 million, up from ¥12,539.84 million in the previous year[125]. - The company is enhancing its talent development strategy by implementing competitive compensation policies and equity incentive systems to attract high-level talent[172]. - The company has implemented a dual-station product design that can process up to 6 wafers at a time, improving efficiency[116]. Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of B% and an expected operating margin of C%[13]. - The company anticipates a growth rate of 20% in the upcoming fiscal year, driven by increased demand for its products[183]. - The company plans to continue expanding its product lines and enhancing competitiveness through ongoing R&D investments[144]. - The company is exploring potential acquisitions to strengthen its portfolio, with a budget of $500 million allocated for strategic investments[185].