动态点评：业绩稳定增长，关注先进封装领域进展

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Insights - The company reported a revenue of 339 million yuan in 2023, a year-on-year decline of 9.47%, while the net profit attributable to shareholders increased by 8.54% to 59 million yuan [1][15] - The decline in revenue was primarily influenced by the significant drop in the average procurement price of palladium sulfate, which negatively impacted overall revenue but improved profitability due to cost optimization and product formulation adjustments [2] - The company is benefiting from the domestic substitution trend in the ABF substrate market, with key clients in the validation and ramp-up stages, indicating potential for future growth [3] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 92 million yuan, a year-on-year decline of 2.5% but a quarter-on-quarter increase of 5.5%. The net profit attributable to shareholders reached 18 million yuan, showing a year-on-year growth of 49.1% [7] - The company’s revenue and profit forecasts for 2023, 2024, and 2025 are set at 339 million, 435 million, and 578 million yuan respectively, with net profits of 59 million, 85 million, and 117 million yuan, corresponding to EPS of 1.02, 1.46, and 2.01 yuan [15] Product Development and Market Position - The company is focusing on advanced packaging trends, particularly in RDL and bumping processes, with successful development of related basic liquids and electroplating additives, which are currently in the final validation stage with end customers [8] - The company is actively promoting the development of TSV-related products and is accelerating the domestic substitution process for core materials in the high-end packaging sector [8]