Investment Rating - The report maintains a "Buy" rating for the company [3][34]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 125 million, 161 million, and 205 million RMB for the years 2024 to 2026, representing year-on-year growth of 40%, 29%, and 27% respectively. The corresponding EPS is projected to be 0.37, 0.48, and 0.61 RMB [3]. - The company's precision cleaning business has benefited from the recovery in industry demand, leading to an increase in operating rates [3]. - The semiconductor equipment cleaning service revenue reached 326 million RMB in 2023, a year-on-year increase of 7.42%, while the panel equipment cleaning revenue was 124 million RMB, a decrease of 14.72% [6]. Financial Performance Summary - In 2023, the company reported total revenue of 594 million RMB, a decrease of 4.75% year-on-year, while the net profit attributable to shareholders was 89 million RMB, an increase of 1.33% year-on-year [17]. - The company achieved a quarterly revenue of 161 million RMB in Q1 2024, reflecting an 18.30% year-on-year growth and a 3.29% quarter-on-quarter growth [17]. - The overall gross margin for the company in 2023 was 38.27%, an increase of 2.7% year-on-year, primarily due to the higher proportion of high-margin semiconductor cleaning services [6]. Business Expansion and Strategy - The company is actively expanding its overseas market presence and has established stable partnerships with several domestic and international high-quality enterprises, including SMIC, BOE, TSMC, and Intel [17]. - The company has set up a subsidiary to serve Japanese clients and is collaborating with partners to expand its product offerings in the semiconductor vacuum equipment components sector [17].
1Q24利润同比高增长，积极拓展业务品类布局海外市场