聚焦MEMS代工主业，实现高质量发展

Investment Rating - The investment rating for the company is "Outperform the Market" [13][16][18] Core Viewpoints - The company achieved impressive revenue growth in 2023, with expected revenue between 1.242 billion to 1.281 billion yuan, representing a year-on-year increase of 58% to 63%. The net profit is projected to be between 88 million to 106 million yuan, marking a turnaround from losses in the previous year [5][9] - The strong performance is attributed to several factors, including the company's leading position in MEMS process development and wafer manufacturing, successful expansion into both domestic and international markets, and a full order book across various sectors such as communications, biomedical, industrial automotive, and consumer electronics [5][10] - The company has also completed the acquisition of a semiconductor park in Sweden, which is expected to provide a predictable condition for future business expansion, with the Swedish production line returning to a growth trajectory [5][10] - The Beijing MEMS production line is ramping up capacity, leading to significant revenue growth and reduced losses, while new semiconductor equipment sales have contributed additional revenue and profit [5][10] Financial Summary - The company is projected to achieve revenues of 1.269 billion, 1.603 billion, and 2.301 billion yuan for 2023, 2024, and 2025 respectively, with corresponding net profits of 92 million, 264 million, and 340 million yuan [9][16] - The earnings per share (EPS) are expected to be 0.13, 0.36, and 0.46 yuan for the same years [9][16] - The company is valued using a price-to-book (P/B) ratio method, with a target valuation range of 19.642 billion to 21.193 billion yuan, translating to a reasonable share price range of 26.78 to 28.89 yuan [16][18]