2023年报&2024年一季报点评：业绩短期下滑，看好泛半导体领域加速布局

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company's performance is under short-term pressure due to downstream demand, with 2023 revenue at 2.43 billion yuan, down 11% year-on-year. The net profit attributable to shareholders decreased by 45% to 150.1 million yuan [3][9] - The company is actively expanding into the semiconductor and renewable energy sectors, which are expected to provide growth opportunities despite current challenges in the display panel testing equipment market [4][15] - The gross margin improved to 49.0% in 2023, up 4.6 percentage points year-on-year, indicating a focus on higher-margin products [11][12] Summary by Sections Financial Performance - In 2023, total revenue was 2.43 billion yuan, with a year-on-year decline of 11%. Display equipment revenue was 1.75 billion yuan, down 19%, while semiconductor equipment revenue surged by 116% to 390 million yuan [3][9] - The net profit attributable to shareholders was 150.1 million yuan, a decrease of 45% year-on-year, with a non-recurring net profit of 30 million yuan, down 73% [3][9] Margin and Cost Structure - The gross margin for 2023 was 49.0%, an increase of 4.6 percentage points year-on-year. The semiconductor sector's gross margin was 53%, up 2 percentage points [11][12] - The selling expense ratio was 9.4%, and the management expense ratio (including R&D) was 38.7%, reflecting a 10.3 percentage point increase in total expense ratio [11][12] Order Backlog and Inventory - As of Q1 2024, the company's contract liabilities reached 415 million yuan, a 92% increase year-on-year, while inventory was 1.76 billion yuan, up 25% [13][14] - The total order amount as of April 22, 2024, was approximately 3.54 billion yuan, a year-on-year increase of 26.42%, with significant growth in semiconductor orders [13][14] Strategic Positioning - The company is well-positioned to benefit from the acceleration of domestic substitution in the semiconductor and renewable energy sectors, with a comprehensive product layout in optical and electron beam detection [4][15] - Strategic partnerships, such as with Zhongchuang Xinhang, are expected to enhance the company's capabilities in lithium battery assembly and testing [4][15] Earnings Forecast - The net profit forecasts for 2024 and 2025 have been revised down to 270 million yuan and 380 million yuan, respectively, with a new forecast for 2026 at 500 million yuan [16]