MAYAIR(SH:688376) Soochow Securities·2024-02-24 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for future stock performance relative to the market benchmark [9]. Core Insights - In 2023, the company achieved a significant increase in net profit, with a growth rate of 41%, driven by operational management improvements, market opportunities, and increased financial income [7][9]. - The company is positioned as a leading domestic supplier of semiconductor cleanroom equipment, holding a 30% market share, and benefits from the ongoing trend of domestic substitution in the semiconductor supply chain [8][9]. - The company is actively expanding into overseas semiconductor markets, with 15% to 20% of new orders coming from international clients, which have higher profit margins compared to domestic sales [18]. Financial Performance Summary - Total revenue for 2023 is projected at 1.524 billion yuan, representing a year-on-year growth of 24.16% [2]. - The net profit attributable to shareholders is expected to reach 172.17 million yuan in 2023, with a growth rate of 39.89% [2]. - The company's earnings per share (EPS) for 2023 is estimated at 1.28 yuan, with a price-to-earnings (P/E) ratio of 26.24 based on the current price [2][9]. - The gross profit margin is expected to improve, with the company anticipating a gross margin of 30% to 40% for consumables, compared to 15% to 20% for equipment [4][9].