刻蚀材料周期见底，硅零件收入同比+166%

Investment Rating - The report maintains a "Buy" rating for the company [17] Core Viewpoints - The semiconductor etching material cycle has reached a bottom, with silicon component revenue increasing by 166% year-on-year [6] - The company is expanding its production capacity to solidify its position in the semiconductor etching silicon material industry, with a projected annual production capacity increase of 393 tons [6][17] - The company has established a full industrial chain capability from etching silicon materials to silicon electrodes, with domestic revenue share rising from 1.9% in 2019 to 59% in 2023 [16] Financial Summary - Total revenue for 2023 is projected at 135 million, a decrease of 74.96% year-on-year, while the net profit attributable to the parent company is expected to be -69 million [19][27] - The company’s gross margin for semiconductor business is projected at -0.84% due to a decrease in revenue from large-diameter silicon materials and relatively high costs of silicon wafer products [27] - Profit forecasts for 2024 and 2025 have been adjusted to 1.1 billion and 2.6 billion respectively, with a new forecast for 2026 at 4.2 billion [17]