2024年一季报点评：业绩实现高增长，产品平台化布局成效显著

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 179.4 CNY, compared to the current price of 140.09 CNY [1][12]. Core Insights - The company achieved significant revenue growth in Q1 2024, with a revenue of 378 million CNY, representing a year-on-year increase of 40.51% and a quarter-on-quarter increase of 11.41% [12][13]. - The gross margin improved to 58.45%, up by 2.21 percentage points year-on-year and 3.24 percentage points quarter-on-quarter, indicating enhanced profitability [12][13]. - The net profit attributable to the parent company reached 105 million CNY, a year-on-year increase of 37.93% and a quarter-on-quarter increase of 20.35% [12][13]. - The company is focusing on optimizing product structure and enhancing production efficiency, which is expected to further improve profitability [13]. Financial Performance Summary - Total revenue projections for the company are as follows: 1,666 million CNY in 2024E, 2,082 million CNY in 2025E, and 2,498 million CNY in 2026E, with respective year-on-year growth rates of 34.6%, 24.9%, and 20.0% [2]. - Net profit attributable to the parent company is forecasted to be 480 million CNY in 2024E, 612 million CNY in 2025E, and 759 million CNY in 2026E, with year-on-year growth rates of 19.3%, 27.4%, and 24.1% [2]. - Earnings per share (EPS) are projected to be 4.85 CNY in 2024E, 6.18 CNY in 2025E, and 7.67 CNY in 2026E [2]. Industry Outlook - The semiconductor industry is experiencing a cyclical recovery, with increased demand for CMP polishing liquids driven by the rising utilization rates of wafer fabs [13]. - The domestic demand for CMP polishing liquids is expected to grow significantly due to ongoing expansions in local wafer fabs and advancements in chip manufacturing processes [13]. - The company is positioned to benefit from the accelerated domestic substitution of semiconductor materials, enhancing its market leadership in CMP polishing liquids [13].