业绩持续亮眼，双翼战略下成长空间巨大

Investment Rating - The report maintains an "Accumulate" rating for the company [1][10] Core Views - The company reported a revenue of 924 million yuan for 2023, representing a year-on-year growth of 21.26%, and a net profit attributable to shareholders of 134 million yuan, up 35.18% [2][3] - In Q1 2024, the company achieved a revenue of 272 million yuan, a significant increase of 48.54% year-on-year, with a net profit of 49.59 million yuan, up 155.22% [2][3] - The company is expanding its production capacity in an orderly manner, leading to sustained revenue growth [3] - The gross profit margin for 2023 was 27.62%, an increase of 2.42 percentage points year-on-year, with margins reaching 30.50% in Q4 2023 and 30.68% in Q1 2024 [4] - The company is implementing a "dual-wing strategy" focusing on both flat panel display and semiconductor chip sectors, with ongoing technology development and product introduction [5][10] Financial Summary - The company forecasts revenues of 1.132 billion yuan, 1.373 billion yuan, and 1.679 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 22.5%, 21.3%, and 22.3% [7][10] - The projected net profits for 2024, 2025, and 2026 are 180 million yuan, 229 million yuan, and 284 million yuan, with growth rates of 34.8%, 26.8%, and 24.0% respectively [7][10] - The company's return on equity (ROE) is expected to improve from 9.7% in 2023 to 14.9% by 2026 [7][10]