研发持续高投入，TOPCon+激光设备值得期待

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.80 CNY over the next six months [1]. Core Insights - The company reported a revenue of 1.61 billion CNY in 2023, representing a year-on-year increase of 21.5%. The net profit attributable to shareholders was 460 million CNY, up 12.2% year-on-year. In Q1 2024, revenue reached 450 million CNY, a 29.6% increase year-on-year, with a net profit of 140 million CNY, up 44.5% year-on-year [1]. - The company has successfully developed new N-type battery technology equipment, leading to an increase in unit equipment prices and stable profitability. The revenue from photovoltaic laser processing equipment was 1.37 billion CNY in 2023, a 17% increase year-on-year, with a sales volume of 645 units and an average selling price of 2.12 million CNY, up 22.3% year-on-year [1]. - The company has completed the development of new technologies such as TOPCon+ and TGV laser micro-hole technology, which are expected to enhance efficiency and reduce costs in various applications, including semiconductor packaging [1]. - The company has significantly increased its R&D investment, with R&D expenses reaching 250 million CNY in 2023, a 92% increase year-on-year, and the R&D expense ratio rising to 15.6% [1]. Financial Summary - The company forecasts revenue of 2.09 billion CNY for 2024, with a growth rate of 29.6%. The net profit is expected to be 611 million CNY, a 32.5% increase. The projected compound annual growth rate (CAGR) for net profit over the next three years is 24.7% [3][20]. - The company’s gross margin for 2023 was 45.7%, increasing to 48.7% in Q1 2024, with a net profit margin of 28.7% for the full year and 30.0% for Q1 2024 [1].