公司业绩大幅增长，在手订单充裕确保长期稳定发展

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for its stock performance over the next six months [16][20]. Core Insights - The company has experienced significant growth, with a reported revenue of 1.68 billion yuan in 2023, representing a year-on-year increase of 145.39%. The net profit attributable to shareholders reached 270 million yuan, up 399.33% from the previous year [29][30]. - The company has a robust order backlog, with total new orders amounting to approximately 6.469 billion yuan in 2023, nearly three times the amount from the same period in 2022. As of March 31, 2024, the company has an order backlog of 8.191 billion yuan [30][29]. - The company is focused on innovation and has increased its R&D investment to 308 million yuan in 2023, accounting for over 18.34% of its revenue. Approximately 50% of this investment is directed towards the semiconductor sector [6][16]. Financial Performance - The company’s revenue is projected to grow significantly, with estimates of 3.958 billion yuan for 2024, 5.332 billion yuan for 2025, and 6.668 billion yuan for 2026, reflecting growth rates of 135.6%, 34.7%, and 25.0% respectively [31]. - The net profit is expected to reach 545 million yuan in 2024, 738 million yuan in 2025, and 900 million yuan in 2026, with year-on-year growth rates of 101.7%, 35.4%, and 21.9% respectively [31]. - The company’s gross margin is projected to remain stable, with estimates of 42.4% in 2024, 41.9% in 2025, and 41.4% in 2026 [31]. Market Position and Product Development - The company has successfully entered the production lines of several well-known clients in the semiconductor industry, particularly in the storage sector, and has received repeat orders for its iTomic series ALD equipment [7][32]. - In the photovoltaic sector, the company’s ALD technology is being recognized as a mainstream solution for TOPCon batteries, with significant advancements in product development and market share [32][16]. - The company has strengthened its intellectual property portfolio, with 146 new patent applications and 35 new patent grants during the reporting period, bringing the total number of authorized patents to 137 [6].