2023年业绩快报点评：盈利高速提升，静待存储测试机新品放量

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [1][2]. Core Insights - The company achieved a revenue of 649 million yuan in 2023, representing a year-on-year growth of 28.53%, and a net profit attributable to shareholders of 117 million yuan, up 76.73% year-on-year [1]. - In Q4 2023, the company reported a revenue of 277 million yuan, a year-on-year increase of 35.8% and a quarter-on-quarter increase of 123.8% [1]. - The company is expanding its product lines in the semiconductor testing equipment sector, particularly focusing on DRAM testing machines and probe cards, which are expected to drive long-term growth [1]. Summary by Sections Financial Performance - The company’s revenue for 2023 was 649 million yuan, with a projected revenue of 845 million yuan in 2024 and 1,074 million yuan in 2025 [3][9]. - The net profit attributable to shareholders is forecasted to be 158 million yuan in 2024 and 215 million yuan in 2025, with corresponding PE ratios of 34 and 25 [3][9]. Product Development - The company has a diverse product line in the display sector, including optical inspection and calibration systems, aging systems, and touch detection systems, widely used in AMOLED displays [1]. - The company is collaborating with Unitest for the development of DRAM wafer aging testing equipment and is also independently developing probe cards and DRAM FT testing machines [1]. Market Outlook - The storage testing equipment market presents significant growth potential due to low domestic penetration rates [1]. - The company has established relationships with several DRAM storage clients, indicating a promising outlook for its self-developed testing machines [1].