芯源微：受交付节奏影响Q3收入下滑

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company is expected to significantly increase its market share among large wafer fab customers, leading to substantial order elasticity and revenue contributions from multiple new equipment launches [2][3] - The company's Q3 performance was temporarily impacted by delivery schedules, with a notable decline in revenue and net profit [1][3] Financial Summary - Revenue for 2022 was 1,385 million, projected to grow to 1,717 million in 2023, and further to 1,804 million in 2024, reflecting a growth rate of 24% year-on-year [1] - Net profit for 2022 was 200 million, expected to rise to 251 million in 2023, but projected to decline to 198 million in 2024, indicating a -21% year-on-year change [1] - Earnings per share (EPS) was 1.00 in 2022, expected to be 1.25 in 2023, and projected to decrease to 0.98 in 2024 [1] - The company reported a Q3 revenue of 441 million, down 19.55% year-on-year and 8.54% quarter-on-quarter, with a net profit of 31 million, down 62.74% year-on-year [1] Operational Insights - The company has seen a historical high in its order backlog, with significant growth in new orders for advanced packaging and small-size equipment [1][2] - The company is actively expanding its product offerings in the advanced packaging sector, with successful R&D progress on several new products [1][3] - The company has established multiple subsidiaries in Japan, Guangzhou, and Shenyang to enhance resource acquisition and new product development [3]