订单及业绩高增速，平台化布局迈向深入

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Insights - The company reported a revenue of 6.302 billion yuan for 2023, representing a year-on-year growth of 78.05% [1] - The net profit attributable to the parent company was 1.25582 billion yuan, an increase of 76.10% compared to the previous year [1] - The gross margin was 36.55%, a decrease of 2.37 percentage points year-on-year, primarily due to lower margins from new products in the lithium battery and single crystal furnace segments [1] - The company signed new orders worth 13.094 billion yuan (including VAT) in 2023, a year-on-year increase of 77.57% [1] - The total orders on hand reached 13.204 billion yuan (including VAT), up 80.33% year-on-year [1] Summary by Sections Financial Performance - Revenue for 2023 was 6.302 billion yuan, with a growth rate of 78.05% [3] - Net profit for 2023 was 1.25582 billion yuan, with a profit growth rate of 76.10% [3] - The gross margin is projected to improve gradually as new business scales up and management efficiency increases [1] - The company expects to achieve net profits of 1.67863 billion yuan, 2.32753 billion yuan, and 2.98808 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 7.49, 10.39, and 13.33 yuan [2][3] Business Segments - In the photovoltaic equipment segment, the company has established a strong market position with its high-speed silicon wafer sorting machines and low-oxygen single crystal furnaces, securing significant orders from major clients [1] - The lithium battery equipment segment is benefiting from increased demand for energy storage, with multiple orders received [2] - The semiconductor equipment segment has achieved its first export orders, indicating a successful entry into international markets [2] Future Outlook - The company is expected to continue benefiting from the growth in the photovoltaic and lithium battery sectors, with a strong order pipeline supporting revenue growth [1][2] - The gross margin is anticipated to recover as new business scales up and operational efficiencies improve [1]