2023年年报点评：集成电路新签订单高增，半导体设备与材料持续突破

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In 2023, the company achieved total revenue of 1.826 billion yuan, a year-on-year increase of 37.45%, and a net profit attributable to shareholders of 165.44 million yuan, up 26.96% year-on-year [3] - The integrated circuit segment continues to grow, with revenue from this sector reaching 1.252 billion yuan, a significant increase of 80.82%, contributing to 69% of total revenue [3] - The company has a robust order backlog, with new orders totaling 2.793 billion yuan in 2023, representing a 76.26% increase [3] - The semiconductor equipment and materials business is showing continuous breakthroughs, with new orders for semiconductor-related equipment reaching 136 million yuan [3] - The company has turned positive in operating cash flow, with a focus on improving accounts receivable collection [3] Financial Summary - Total revenue forecast for 2023 is 1.826 billion yuan, with projections of 2.290 billion yuan for 2024 and 2.885 billion yuan for 2025 [1][3] - Net profit attributable to shareholders is forecasted to be 216.46 million yuan in 2024 and 276.27 million yuan in 2025 [1][3] - The company’s P/E ratio is projected to decrease from 19.60 in 2023 to 9.10 in 2026, indicating an attractive valuation [1][3] - The gross profit margin for 2023 is reported at 26.60%, with a slight decrease compared to the previous year [3]