国内外齐增长，新产能释放在即

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 36.74 CNY for the next six months [3]. Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 1.505 billion CNY, a year-on-year increase of 22.68%, and a net profit of 173.2 million CNY, up 40.76% [1][5]. - The company is a leader in the domestic semiconductor cleanroom market with a market share of approximately 30% and is expanding its presence in Southeast Asia and other international markets [1]. - The company has a strong focus on R&D, with a 35.62% increase in R&D expenses in 2023, amounting to 70.11 million CNY, which represents 4.66% of total revenue [2][5]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 1.505 billion CNY, a 22.68% increase from the previous year, and a net profit of 173.2 million CNY, reflecting a 40.76% growth [1][5]. - For Q1 2024, the company maintained its growth trajectory with revenue of 273 million CNY, a 2.08% year-on-year increase, and a net profit of 35.39 million CNY, up 5.44% [1]. Market Position - The company holds a leading position in the domestic semiconductor cleanroom sector, with a market share of around 30% [1]. - The overseas revenue reached 171 million CNY in 2023, marking a 30.79% increase, supported by new international partnerships [1]. Product and R&D - The company’s filter products are consumables with strong customer retention, contributing to 30% of total revenue in 2023, with potential for further growth [2]. - R&D investment has been prioritized, with a focus on environmental emission control, new filtration materials, and smart air solutions, leading to a 35.62% increase in R&D spending in 2023 [2]. Capacity Expansion - The company is currently operating at full capacity and plans to increase production through new facilities set to launch in 2024, including a project in Nanjing that will increase capacity by 1.5 times [2][5].