2023年业绩快报点评：收入符合预期，盈利端短期承压

Investment Rating - The report maintains a rating of "Accumulate" for the company [14] Core Views - The company's revenue for 2023 reached 2.07 billion yuan, a year-on-year increase of 34%, while the net profit attributable to the parent company was 160 million yuan, a year-on-year decrease of 36% [21] - The revenue growth is attributed to increased R&D and market expansion for module products, alongside a rise in domestic semiconductor market demand [21] - Short-term profit pressure is noted due to a shift in product structure and lower gross margins from rapidly growing module product revenues [21] - The company is positioned as a leader in the domestic semiconductor precision component market, with significant potential for growth as domestic substitution accelerates [21] Financial Summary - Revenue (million yuan): 843 in 2021, 1,544 in 2022, estimated 2,066 in 2023, projected 2,842 in 2024, and 3,961 in 2025 [2] - Net Profit (million yuan): 126 in 2021, 246 in 2022, estimated 158 in 2023, projected 343 in 2024, and 440 in 2025 [2] - EPS (yuan): 0.81 in 2021, 1.18 in 2022, estimated 0.76 in 2023, projected 1.64 in 2024, and 2.10 in 2025 [2] - P/E Ratio: 70 in 2021, 48 in 2022, 75 in 2023, projected 35 in 2024, and 27 in 2025 [2] Market Position and Outlook - The company is one of the few manufacturers capable of mass-producing precision components for 7nm process semiconductor equipment, with products recognized by international clients [21] - The market for precision components in semiconductor equipment is projected to grow significantly, with the company currently holding less than 1% market share, indicating substantial room for growth [21] - The report anticipates improved profitability as the semiconductor cycle rebounds in 2024 and as the company scales up production capacity [21]