23年模组收入同比大增，24Q1业绩大幅改善

Investment Rating - The report assigns a "Buy-A" rating to the company with a target price of 89.5 RMB for 2024 [8][33] Core Views - The company's revenue in 2023 reached 2.066 billion RMB, a year-on-year increase of 33.75%, while net profit attributable to the parent company decreased by 31.28% to 169 million RMB [1] - In Q4 2023, the company achieved revenue of 676 million RMB, up 27.03% year-on-year, but net profit attributable to the parent company fell by 55.37% to 37 million RMB [1] - For Q1 2024, the company's revenue surged 105.47% year-on-year to 701 million RMB, with net profit attributable to the parent company increasing by 53.42% to 60 million RMB [1][3] - The company's module product revenue in 2023 grew significantly by 126.13% to 925 million RMB, while structural parts revenue decreased by 1.75% to 491 million RMB [2] - The company's gross profit margin in 2023 was 25.20%, showing a declining trend due to increased costs from early investments in equipment and talent [2] Financial Performance - The company's 2023 revenue breakdown: module products (925 million RMB, +126.13%), structural parts (491 million RMB, -1.75%), process parts (457 million RMB, +11.95%), and gas pipelines (165 million RMB, -22.00%) [2] - For 2024-2026, the company is expected to achieve revenues of 2.975 billion RMB, 4.165 billion RMB, and 5.414 billion RMB, respectively, with net profits of 375 million RMB, 477 million RMB, and 603 million RMB [8] - The company's 2024 PE ratio is estimated at 50.00X, with a target price of 89.5 RMB [8] Business Overview - The company's products include process parts, structural parts, module products, and gas pipelines, primarily used in semiconductor equipment [32] - The company serves both domestic and international semiconductor equipment leaders, including domestic clients like Naura and AMEC, and international clients like Tokyo Electron and ASMI [32] - The company's products are applied in key semiconductor manufacturing processes such as etching, thin film deposition, lithography, and chemical mechanical polishing [32]