CFMEE(SH:688630) Tebon Securities·2024-02-24 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue of 829 million in 2023, representing a year-on-year growth of 27.1%, with a net profit of 181 million, up 32.8% year-on-year [4] - The company plans to accelerate its market expansion in 2024, focusing on advanced packaging, new displays, and substrate applications, with successful progress in direct-write lithography equipment [5] - The PCB product system is undergoing a high-end upgrade, with significant growth expected from overseas markets in 2024 [14] Financial Performance and Forecast - The company is projected to achieve revenues of 829 million, 1.231 billion, and 1.676 billion for the years 2023, 2024, and 2025 respectively, with corresponding net profits of 181 million, 278 million, and 369 million [15] - The gross margin is expected to improve from 44.7% in 2023 to 45.2% in 2024, while the net profit margin is projected to be 21.9% in 2023 and 22.6% in 2024 [23] - The company’s total assets are forecasted to grow from 2.640 billion in 2023 to 3.916 billion in 2025 [18]