全年业绩稳健增长，持续拓展产品线布局

Investment Rating - The report maintains a "Recommended" rating for the company, expecting the stock to outperform the market by 10% to 20% within six months [6][12]. Core Insights - The company achieved a revenue of 1.238 billion yuan in 2023, representing a year-on-year growth of 14.96%, and a net profit attributable to shareholders of 403 million yuan, up 33.60% year-on-year [1][18]. - The company plans to distribute a cash dividend of 3.50 yuan per 10 shares and to increase its capital stock by 3 shares for every 10 shares held [1]. - The revenue structure indicates that CMP polishing liquid accounts for over 85% of total revenue, with ongoing efforts to expand the product line [2][11]. Financial Performance - The company’s gross margin and net margin for 2023 were 55.81% and 32.53%, respectively, showing improvements of 1.60 percentage points and 4.54 percentage points year-on-year [18]. - The projected net profits for 2024, 2025, and 2026 are 443 million yuan, 563 million yuan, and 661 million yuan, respectively, with corresponding EPS of 4.47 yuan, 5.68 yuan, and 6.68 yuan [12][33]. - The company’s total assets are projected to grow from 26.03 billion yuan in 2023 to 43.58 billion yuan by 2026 [5]. Product Development and Market Position - The company has successfully expanded its product offerings to include key processes in integrated circuit manufacturing, such as polishing, cleaning, and deposition [12][19]. - The revenue from functional wet electronic chemicals reached 155 million yuan, a year-on-year increase of 24.38%, with a gross margin of 32.73% [19]. - The company is actively working on establishing a self-controlled supply of core raw materials and has made significant progress in the testing and validation of its products [19].