业绩短期承压，研发持续加强，新产品稳步推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [12]. Core Views - The company has reported a significant increase in orders, supported by a robust pipeline of new products, despite facing short-term revenue pressure due to long product acceptance cycles and macroeconomic factors [14]. - The company achieved a revenue of 582 million yuan in 2023, reflecting a year-on-year growth of 2.35%, while the net profit attributable to shareholders decreased by 41.69% to 39.3 million yuan [2][14]. - The company is focusing on multiple high-growth sectors, including automotive electronics, silicon carbide (SiC), perovskite solar cells, and MicroLED technologies, with substantial orders from leading clients in these areas [3][5]. Financial Summary - The company’s contract liabilities increased significantly to 169 million yuan by the end of Q3 2023, compared to 80.21 million yuan at the end of 2022, indicating a strong order backlog [5]. - The projected net profit for 2023-2025 is adjusted to 39 million yuan, 75 million yuan, and 108 million yuan respectively, reflecting a recovery in profitability [15]. - The gross margin is expected to decline slightly from 49.7% in 2022 to 46.9% in 2023, with a gradual recovery anticipated in subsequent years [8][15].