业绩保持高增趋势，盈利能力进一步提升

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company achieved a revenue of 8.733 billion yuan in 2023, representing a year-on-year growth of 45.45%, and a net profit of 1.634 billion yuan, up 56.04% year-on-year [2][3] - The company is positioned as a leader in TOPCon equipment, benefiting from the rapid growth of the photovoltaic industry and the acceleration of TOPCon technology expansion [3][5] - The company plans to distribute a cash dividend of 12 yuan per 10 shares to all shareholders, reflecting its commitment to shareholder returns [3] Financial Performance Summary - Revenue Forecast: - 2022A: 6.005 billion yuan - 2023A: 8.733 billion yuan - 2024E: 13.275 billion yuan - 2025E: 17.788 billion yuan - 2026E: 21.168 billion yuan - Growth rates: 19% (2022A), 45% (2023A), 52% (2024E), 34% (2025E), 19% (2026E) [1][5] - Net Profit Forecast: - 2022A: 1.047 billion yuan - 2023A: 1.634 billion yuan - 2024E: 2.534 billion yuan - 2025E: 3.382 billion yuan - 2026E: 3.995 billion yuan - Growth rates: 46% (2022A), 56% (2023A), 55% (2024E), 33% (2025E), 18% (2026E) [1][5] - Earnings Per Share (EPS): - 2022A: 3.01 yuan - 2023A: 4.69 yuan - 2024E: 7.28 yuan - 2025E: 9.71 yuan - 2026E: 11.48 yuan [1][5] - Cash Flow: - The net cash flow from operating activities in 2023 was 3.517 billion yuan, a significant increase of 142.36% year-on-year [3][5] - Research and Development: - R&D investment in 2023 was 467 million yuan, up 63.46% year-on-year, accounting for 5.35% of revenue [3][5] Industry Positioning - The company is expanding its capabilities in HJT technology, which is expected to become a key focus for major manufacturers in the long term [4][5] - The company is also leading in the perovskite equipment sector, with significant market potential anticipated [5] - In the semiconductor cleaning equipment market, the company is positioned to capture a growing share as domestic demand increases [5]