23年业绩高速增长，预计订单充足支撑持续高增

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve a revenue of 6.304 billion yuan in 2023, representing a year-on-year growth of 78.11%, exceeding previous forecasts [5] - The net profit attributable to shareholders is projected to be 1.255 billion yuan, a year-on-year increase of 76.15%, close to the upper limit of the forecast [5] - The company has a strong order backlog, with new orders signed in the first three quarters of 2023 amounting to 8.992 billion yuan, a 75.93% increase year-on-year [5] - The company is focusing on expanding its overseas market in the photovoltaic sector, with expectations for continued growth in new orders in 2024 [5] - The demand for updated equipment in the photovoltaic sector is anticipated to drive market opportunities, particularly for core devices like string welding machines and N-type battery cell equipment [5] Summary by Sections Market Performance - The company's stock has shown a significant decline compared to the Shanghai and Shenzhen 300 index, with absolute declines of -5.87% over 1 month, -6.80% over 2 months, and -18.33% over 3 months [3] Financial Data - The total revenue for 2023 is projected at 6.304 billion yuan, with a gross profit margin of 38.7% [7][11] - The net profit for 2023 is expected to be 1.255 billion yuan, with a net profit margin of 19.6% [8][11] - The company’s total assets are projected to reach 14.968 billion yuan by 2024 [11] Earnings Forecast - The adjusted net profit forecasts for 2023, 2024, and 2025 are 1.255 billion yuan, 1.845 billion yuan, and 2.303 billion yuan respectively [5][10] - The company is expected to maintain a high growth rate in revenue, with a forecasted growth rate of 38.3% in 2024 [8][10] Orders and Market Opportunities - The company has a robust order backlog of 11.483 billion yuan as of the end of Q3 2023, reflecting a year-on-year growth of 76.34% [5] - The company has successfully secured multiple orders for its semiconductor equipment, indicating a positive outlook for its semiconductor business [6]