2023年报点评：业绩快速增长，电镀铜&光模块设备开启第二曲线

Investment Rating - The report maintains an "Accumulate" rating for the company [10] Core Viewpoints - The company continues to implement the "quality improvement and efficiency enhancement" operational policy, resulting in improved profitability. In 2023, the gross profit margin was 22.8%, up 0.7 percentage points year-on-year, while the net profit margin reached 4.9%, an increase of 2.0 percentage points year-on-year [1][38] - The company has rapidly increased its revenue and significantly improved its net profit. In 2023, the company achieved revenue of 1.575 billion yuan, a year-on-year increase of 74%, and a net profit attributable to shareholders of 77.13 million yuan, up 195% year-on-year [6][36] - The company is continuously enhancing its overall layout in electroplating copper, demonstrating a clear first-mover advantage. In June 2023, it launched GW-level solar cell copper electroplating equipment and completed shipments to cooperative clients [2][44] Summary by Sections Financial Performance - The company reported a gross profit margin of 22.8% in 2023, with a net profit margin of 4.9%. The operating expense ratio was 14.0%, down 3.94 percentage points year-on-year. The fourth quarter saw a gross profit margin of 23.5%, with a net profit margin of 9.1% [1][38] - The company signed new orders totaling 2.157 billion yuan in 2023, reaching a historical peak, with a backlog of approximately 1.057 billion yuan [9][40] Revenue and Profit Forecast - The report maintains net profit forecasts of 130 million yuan for 2024 and 180 million yuan for 2025, with an expected net profit of 220 million yuan for 2026, corresponding to P/E ratios of 86, 62, and 50 times respectively [10][47] Market Position and Strategy - The company is advancing its development of solar cell graphical preparation equipment, with internal feasibility assessments completed by April 2023 and laboratory testing expected to start in the second quarter of 2024 [2][27] - The company is restarting the acquisition of ficonTEC, a key player in the silicon photonics module equipment sector, which is anticipated to benefit from the growing demand for high-precision wafer bonding and packaging equipment [33][45]