2023年年报点评：业绩稳健增长，在手订单充足

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [14][21]. Core Insights - The company achieved a total revenue of 2.009 billion yuan in 2023, representing a year-on-year growth of 23.41%, and a net profit attributable to shareholders of 138.59 million yuan, up 12.80% year-on-year [14]. - The company has a strong order backlog of 1.32 billion yuan as of the end of 2023, which is expected to support stable growth in future performance [14]. - The semiconductor industry is experiencing increased demand, particularly in cleanroom engineering, which is expected to benefit the company's main business [14]. Financial Forecasts and Valuation - Total revenue is projected to grow from 2.009 billion yuan in 2023 to 3.385 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 17.65% [14]. - Net profit is expected to increase from 138.59 million yuan in 2023 to 242.72 million yuan in 2026, reflecting a CAGR of 16.33% [14]. - The earnings per share (EPS) is forecasted to rise from 1.39 yuan in 2023 to 2.43 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 20.10 to 11.48 over the same period [14]. Revenue Breakdown - The company's revenue from the semiconductor sector reached 1.35 billion yuan, accounting for 67.1% of total revenue, with significant growth in overseas markets, particularly in Southeast Asia [14]. - The company reported a 54.3% increase in revenue from overseas operations, highlighting successful expansion efforts [14]. Cost and Profitability - The gross margin has slightly declined due to competitive pricing strategies to acquire new clients, with the gross margin for system integration and secondary distribution engineering dropping to 12.7% and 14.2%, respectively [14]. - Financial expenses have decreased significantly, contributing to overall positive cash flow performance [14].