MAYAIR(SH:688376) Changjiang Securities·2024-03-04 16:00Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - The company is seizing market opportunities and actively expanding both domestic and international markets, leading to stable revenue growth. In 2023, the company achieved an operating income of 1.504 billion yuan, a year-on-year increase of 22.54%, and a net profit attributable to shareholders of 173 million yuan, up 40.73% year-on-year [10][13]. - The company's gross margin is expected to continue improving in the medium to long term, supported by an increase in cash flow and capacity expansion, which will drive future performance [10][13]. Summary by Sections Revenue Growth - The company's revenue growth is attributed to several factors: increased orders from domestic semiconductor industry due to U.S.-China tech competition, a rebound in capital expenditure from domestic enterprises, and continuous growth in consumables sales due to an expanding customer base [2][3]. Capacity Expansion - The company is experiencing a saturated capacity utilization rate, and with the gradual production of fundraising projects, it is expected that production and sales will steadily increase, further boosting revenue and profit [3][10]. Financial Performance - The company reported a significant increase in net profit due to various factors, including increased financial income. The projected net profit for 2023 and 2024 is 170 million yuan and 210 million yuan, respectively, with corresponding PE ratios of 26x and 21x [3][10]. Market Position - The company is expanding its customer base into the new energy sector, which is expected to create new revenue growth points. The tightening of regulations on air pollutants in industrial production is also driving demand for the company's products [2][3].