业绩超预期，有望打造先进封装平台型企业

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [3][7]. Core Views - The company has demonstrated strong performance with revenue and profit growth exceeding expectations, particularly in the context of a challenging industry environment [1][3]. - The company is positioned to become a leading platform enterprise in advanced packaging, leveraging its technological strengths in direct-write lithography and related equipment [3]. Financial Performance - In 2023, the company achieved revenue of 829 million yuan, a year-on-year increase of 27.07%, and a net profit of 179 million yuan, up 31.28% [1]. - For Q1 2024, the company reported revenue of 198 million yuan, a 26.26% increase year-on-year, and a net profit of 40 million yuan, up 18.66% [1]. - The gross margin for Q1 2024 was 43.9%, with a net margin of 20.1% [1]. PCB Sector Insights - The PCB segment generated nearly 600 million yuan in revenue in 2023, reflecting a 12% year-on-year growth, despite overall industry pressures [2]. - The company benefits from a shift in the PCB supply chain to Southeast Asia and the demand for high-performance PCBs driven by the era of big computing [2]. Semiconductor Sector Insights - The company’s semiconductor business saw revenue growth of 97% year-on-year in 2023, reaching 188 million yuan, with a gross margin of 57.6% [3]. - The company is expanding its product offerings in advanced packaging, including wafer alignment and bonding machines, positioning itself to capitalize on domestic equipment localization trends [3]. Future Projections - The company is projected to achieve net profits of 280 million yuan, 410 million yuan, and 500 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 57%, 45%, and 23% [3]. - The current stock price corresponds to a price-to-earnings ratio (P/E) of 26, 18, and 15 for the years 2024, 2025, and 2026 [3].