年报点评报告：全年收入实现较快增长，下游景气支撑业绩释放

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.67 CNY, based on a 21x PE for 2024 [6][1]. Core Views - The company achieved a revenue of 2.01 billion CNY in 2023, representing a year-on-year growth of 23.4%. The net profit attributable to the parent company was 139 million CNY, up 12.8% year-on-year [1]. - The growth in revenue is primarily driven by increased demand from downstream customers and early results from the company's expansion in Southeast Asia [1][2]. - The company has a strong order backlog of 1.32 billion CNY as of the end of 2023, with significant contributions from the IC semiconductor sector [3]. Financial Performance - The company's revenue from cleanroom engineering, secondary distribution engineering, and other electromechanical installation equipment in 2023 was 1.72 billion CNY, 200 million CNY, and 280 million CNY, respectively, with year-on-year growth rates of 9.2%, 4.7%, and 761.2% [2]. - The overall gross margin for the company was 13.4%, down 2.0 percentage points year-on-year, with a gross margin of 10.4% in Q4 [2]. - The company reported a cash dividend payout ratio of 57.72% in 2023, an increase of 4.8 percentage points year-on-year, resulting in a dividend yield of 2.89% based on the closing price on March 29 [1]. Future Projections - The company is expected to achieve net profits of 165 million CNY, 200 million CNY, and 240 million CNY for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 19.11%, 20.38%, and 21.61% [5][15]. - The report anticipates continued strong performance in the semiconductor industry, which is expected to drive revenue growth for the company [3]. Cost and Cash Flow Analysis - The expense ratio decreased by 1.3 percentage points to 4.3%, with a net profit margin of 7.0%, down 0.6 percentage points year-on-year [4]. - The company's cash flow from operations for 2023 was 134 million CNY, a decrease of 28 million CNY compared to the previous year [4].