Leadmicro(SH:688147) Caixin Securities·2024-02-01 16:00Investment Rating - The report assigns a rating of "Accumulate" to the company [20]. Core Insights - The company is a leader in ALD equipment, with a strong order acquisition capability, expanding its product offerings in the photovoltaic and semiconductor sectors. In 2023, the company expects to achieve a revenue of 1.65 billion yuan, representing a year-on-year increase of 141.05%, and a net profit of 280.23 million yuan, up 417.08% year-on-year [6][16]. Financial Performance - The company's main revenue for 2023 is projected to be 1,650.05 million yuan, with net profit expected to reach 280.23 million yuan, and earnings per share (EPS) forecasted at 0.62 yuan [4][22]. - The company has shown significant growth in its financial metrics, with a projected net profit of 517.13 million yuan in 2024 and 719.95 million yuan in 2025, corresponding to EPS of 1.14 yuan and 1.58 yuan respectively [4][22]. Market Position - The company maintains a leading market share in ALD equipment and continues to diversify its product matrix, offering various customized products and complete line solutions in TOPCon technology. It has received significant orders in the XBC and perovskite battery sectors [5][16]. - The company has reported a 196% year-on-year increase in new orders, with semiconductor orders up 229% and photovoltaic orders up 192% [16]. Valuation Metrics - The report indicates a P/E ratio of 51.15 for 2023, decreasing to 19.91 by 2025, and a P/B ratio of 6.39 in 2023, expected to drop to 4.12 by 2025 [4][22].