下游需求持续增长，交付能力提升带动业绩上行

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 38.4 CNY [4][15]. Core Views - The company focuses on the photovoltaic and semiconductor equipment sectors, with significant revenue growth driven by high market demand for photovoltaic products [1][32]. - The company achieved a revenue of 6.00 billion CNY in 2023, representing a year-on-year growth of 59.10%, and a net profit of 681.5 million CNY, up 50.66% [23]. - The company is expected to continue its revenue growth, with projections of 7.78 billion CNY, 9.72 billion CNY, and 12.27 billion CNY for 2024, 2025, and 2026 respectively [3][7]. Financial Performance - In 2023, the company's revenue from crystal growth and processing equipment was 4.878 billion CNY, accounting for 81.28% of total revenue [1]. - The net profit margin for 2023 was 11.4%, with a projected increase to 12.1% in 2025 [16]. - The company's earnings per share (EPS) for 2023 was 2.92 CNY, with expectations to reach 3.84 CNY in 2024 [7][15]. Research and Development - The company has increased its R&D spending, with 255 million CNY in 2023, a 44.60% increase from the previous year [25]. - R&D efforts have led to significant advancements in product sales and delivery capabilities, contributing to revenue growth [25]. Market Trends - The semiconductor capacity share in China continues to expand, with a 12% increase in monthly wafer production in 2023 [33]. - The demand for silicon material equipment is expected to rise due to the domestic semiconductor industry's push for self-sufficiency and the growth of applications in electric vehicles and photovoltaics [33].