2023年年报点评：行业价格竞争加剧，公司控本优势凸显

Investment Rating - The report maintains an "Overweight" rating for the company, with a target price adjusted to 36.26 CNY from the previous 46.69 CNY [3][6]. Core Views - The company achieved a net profit of 136 million CNY in 2023, representing a year-on-year growth of 19.92%. The intensifying price competition in the industry is expected to be offset by the company's cost control advantages, allowing it to continue increasing its market share [1][2]. - The semiconductor industry's expansion has led to a revenue increase of 2 billion CNY in 2023, a 23% year-on-year growth, aligning with expectations. The report anticipates a continued recovery in demand, despite the competitive pricing environment [1][2]. - The company’s IC semiconductor revenue reached 1.35 billion CNY, marking a significant year-on-year increase of 54.35%. However, the gross margin for this segment has decreased to 10.55%, down 6.54 percentage points year-on-year [1][2]. Financial Summary - Revenue for 2023 was reported at 2,009 million CNY, with projections for 2024, 2025, and 2026 set at 2,343 million CNY, 2,736 million CNY, and 3,284 million CNY respectively, indicating a growth rate of 17% for 2024 and 20% for 2026 [2][6]. - The net profit for 2023 was 139 million CNY, with expected growth to 167 million CNY in 2024 and 236 million CNY in 2026, reflecting a consistent upward trend [2][6]. - The earnings per share (EPS) for 2023 was 1.39 CNY, with forecasts of 1.67 CNY for 2024 and 2.36 CNY for 2026 [2][6]. Order Backlog and Market Position - The company secured orders totaling 2.142 billion CNY in 2023, with an order backlog of approximately 1.319 billion CNY at year-end, representing a year-on-year increase of 6.46%. This backlog is expected to support revenue recognition in 2024 [1][2]. - The overseas revenue reached 436 million CNY in 2023, a 54.28% increase year-on-year, with a gross margin of 19.51%, significantly higher than domestic operations [1][2]. Industry Context - The cleanroom industry is experiencing intensified competition as it matures, with the report indicating that the recovery in demand is leading to aggressive pricing strategies among competitors [1][2]. - The report highlights that the company's strong cost control capabilities will enable it to maintain competitiveness and secure contracts despite the challenging market conditions [1][2].