Q1盈利承压，产能持续扩张

Investment Rating - The report assigns a rating of "Accumulate" with a target price adjustment due to a decrease in profit forecasts [9][20]. Core Insights - The company has experienced a significant increase in revenue from quartz crucibles, achieving 2.1 billion yuan in revenue, a year-on-year growth of 178%, despite a decline in gross margin to 35.98% due to rising costs [24]. - The company is expanding its production capacity, with plans to add 180,000 units per year, which will increase its market share among leading quartz crucible manufacturers to 29.43% [25]. - The company has established stable relationships with key suppliers for raw materials, ensuring long-term supply stability and quality control [25]. Financial Performance Summary - Revenue for 2023 reached 3,129.35 million yuan, with a year-on-year growth rate of 118.25% [28]. - The net profit attributable to the parent company for 2023 was 653.93 million yuan, reflecting a year-on-year increase of 174.31% [28]. - The forecast for net profit for 2024-2026 is adjusted to 521.39 million yuan, 871.58 million yuan, and 1,011.27 million yuan respectively, with corresponding P/E ratios of 16, 10, and 8 [20][28]. Production and Technology - The company has completed the R&D of 40-inch solar-grade quartz crucibles and 32-inch semiconductor-grade quartz crucibles, achieving mass production capabilities [8]. - The company has successfully replaced imports for 32-inch semiconductor-grade quartz crucibles, overcoming technical barriers in domestic semiconductor applications [8]. Market Outlook - The photovoltaic industry remains robust, and the company has plans for further expansion in the medium to long term [20]. - The report indicates that while the company faces short-term profitability pressures, its long-term growth prospects remain positive due to ongoing capacity expansion and technological advancements [20].