2023年年报&2024年一季报点评：盈利持续释放，多种量检测新品突破

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company achieved a revenue of 891 million yuan in 2023, representing a year-on-year growth of 74.95%, and a net profit attributable to shareholders of 140 million yuan, with a staggering growth of 1072.38% [1][2]. - In Q1 2024, the company reported a revenue of 236 million yuan, a year-on-year increase of 45.60%, and a net profit of 34 million yuan, up by 9.16% [1]. - The company is a pioneer in the domestic semiconductor quality control equipment sector, focusing on R&D for quality control devices aimed at front-end processes and advanced packaging, filling a gap in the high-end semiconductor quality control equipment market in China [1][2]. Financial Performance - The company's revenue for 2023 was 891 million yuan, with detection equipment revenue at 654 million yuan (up 70.15%) and measurement equipment revenue at 222 million yuan (up 88.56%) [1]. - The overall gross margin for 2023 was 52.62%, an increase of 3.95 percentage points year-on-year, with detection equipment gross margin at 57.17% and measurement equipment gross margin at 38.79% [1][6]. - The company forecasts revenues of 1.26 billion yuan, 1.78 billion yuan, and 2.32 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 208 million yuan, 321 million yuan, and 447 million yuan for the same years [2][6]. Product Development - The company has expanded its product line to cover all categories of measurement equipment, achieving mass production in various segments such as non-graphic detection, graphic detection, overlay accuracy, and film thickness [1]. - By the end of 2023, the company delivered over 200 graphic detection units, primarily serving leading domestic customers in advanced packaging [1]. - The company has completed prototype development for dark field detection equipment and is conducting process validation with multiple customers in the logic and memory sectors [1].