全年营收增长稳健，看好后续盈利恢复

Investment Rating - The investment rating for the company is "Buy" (maintained) [16]. Core Views - The company reported a revenue of 794 million yuan in 2023, representing a year-on-year growth of 32.02%, while the net profit attributable to the parent company was 158 million yuan, a decline of 5% year-on-year, which is in line with expectations [16]. - The fourth quarter of 2023 showed a single-quarter revenue of 207 million yuan, a year-on-year increase of 3.67%, but a quarter-on-quarter decrease of 10.30%. The net profit for this quarter was 51.99 million yuan, down 11.75% year-on-year but up 20.13% quarter-on-quarter [16]. - The company is expected to see a recovery in profitability as the production capacity of its integrated tools ramps up, leading to improved gross margins in the future [17]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 795 million yuan, with expected growth rates of 27.4% and 27.5% for 2024 and 2025, respectively [18]. - The net profit forecast for 2023, 2024, and 2025 is 158 million yuan, 220 million yuan, and 295 million yuan, respectively [18]. - The earnings per share (EPS) for 2023 is estimated at 2.56 yuan, increasing to 3.57 yuan in 2024 and 4.78 yuan in 2025 [18]. - The company’s price-to-earnings (PE) ratios for 2023, 2024, and 2025 are projected to be 22, 16, and 12, respectively [18].