股权激励彰显信心，刻蚀/薄膜等持续推进

Investment Rating - The report maintains a "Buy" rating for the company [4][8] Core Views - The company achieved a revenue of 6.264 billion yuan in 2023, representing a year-on-year increase of 32.15%, with a net profit of 1.786 billion yuan, up 52.67% year-on-year [5][6] - The company announced a restricted stock incentive plan for 2024, proposing to grant up to 10.8 million shares, which is about 1.74% of the total share capital [5][7] - The sales of etching equipment significantly drove revenue growth, with etching equipment sales reaching approximately 4.703 billion yuan, a year-on-year increase of about 49.43% [6][8] - The company has a strong order intake, with new orders amounting to 8.36 billion yuan in 2023, a 32.3% increase from the previous year [6][8] - The company plans to launch over 10 new types of thin film deposition equipment in 2024, expanding its product coverage in the thin film equipment market [6][8] Summary by Sections Company Overview - Total market capitalization is 92.4 billion yuan, with a debt-to-asset ratio of 17.2% and a price-to-earnings ratio of 51.65 [4][5] Financial Performance - In 2023, the company reported a revenue of 6.264 billion yuan and a net profit of 1.786 billion yuan, with significant contributions from non-recurring gains [6][11] - The company expects revenues of 8.425 billion yuan, 11.333 billion yuan, and 14.973 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.061 billion yuan, 2.820 billion yuan, and 3.702 billion yuan [8][11] Market Position - The company has increased its market share in domestic chip production lines, particularly in advanced 5nm and below integrated circuit manufacturing [6][8] - The MOCVD equipment orders saw a decline of approximately 72.2% due to fluctuations in the end market, while the company maintains a leading position in the blue-green LED production line [6][8] Incentive Plans - The 2024 stock incentive plan covers up to 1,798 employees, representing 99.72% of the total workforce, aimed at enhancing employee cohesion and operational efficiency [7][8]