业绩较快增长，在手任务饱满

Investment Rating - The investment rating for the company is "Buy" and is maintained [9][15]. Core Views - The company, Huajin Technology, reported a revenue of 917 million yuan in 2023, representing a year-on-year growth of 36.45%. The net profit attributable to shareholders was 335 million yuan, with a slight increase of 0.48%. The non-recurring net profit was 385 million yuan, showing a growth of 23.23% [11][12]. - For Q1 2024, the company expects to achieve a revenue of 248 million yuan, a year-on-year increase of 32.57%, and a net profit of 114 million yuan, up 29.41% [13]. - The company has a robust order backlog, with contracts for stealth materials valued at 310 million yuan and 332 million yuan disclosed in January 2024. As of March 2024, the total orders on hand are approximately 800 million yuan [13]. Financial Performance - In 2023, the company’s R&D expenses were 73.51 million yuan, an increase of 18.64% year-on-year. The R&D teams are led by prominent scientists from top universities and research institutes, indicating strong industry positioning [12]. - The company forecasts net profits of 512 million yuan, 710 million yuan, and 920 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 52%, 39%, and 30% [15][17]. - The projected P/E ratios for 2024, 2025, and 2026 are 36, 26, and 20 times, respectively, based on the current stock price [15][17].