2023年业绩表现亮眼，强阿尔法能力凸显

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company demonstrated strong performance in 2023, achieving revenue of 6.304 billion yuan, a year-on-year increase of 78.11%, and a net profit attributable to shareholders of 1.255 billion yuan, up 76.15% year-on-year. In Q4 2023, revenue reached 2.065 billion yuan, growing by 80.98% year-on-year, with a net profit of 404 million yuan, an increase of 69.75% year-on-year [1] - The company has a solid leading position in the string welding machine market, with a market share exceeding 70%. The introduction of 0BB technology is expected to reduce silver paste consumption by 30%-40%, aligning with the industry's cost-reduction and efficiency-enhancement goals [2] - The company is expanding its product offerings in the silicon wafer and battery cell equipment sectors, with significant growth expected in its low-oxygen single crystal furnace and other advanced manufacturing technologies [2] Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 6.304 billion yuan and a net profit of 1.255 billion yuan, with projections for 2024 and 2025 to reach 8.831 billion yuan and 11.605 billion yuan in revenue, and 1.826 billion yuan and 2.348 billion yuan in net profit, respectively [3][7] - The company's earnings per share (EPS) for 2023 is projected at 5.58 yuan, with expectations to grow to 8.12 yuan in 2024 and 10.44 yuan in 2025 [7] Market Position and Growth Drivers - The company is the absolute leader in the string welding machine market, benefiting from the adoption of 0BB technology. It is also making strides in the single crystal furnace market, with a focus on high-performance, cost-effective products [2] - The company has successfully developed ultra-fast screen printing technology, achieving a production capacity of over 9000 pieces per hour, which is expected to significantly enhance its market share [2] Order and Backlog - As of September 30, 2023, the company signed new orders worth 8.992 billion yuan, a year-on-year increase of 75.93%, with a backlog of 11.483 billion yuan, reflecting a 76.34% increase year-on-year [1]