2023年年报&2024年一季报点评：2024年展望出货高增

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 2.705 billion yuan, a year-on-year increase of 58.60%. The net profit attributable to shareholders was 663 million yuan, up 79.82% year-on-year [1][2]. - The first quarter of 2024 showed a revenue of 472 million yuan, a year-on-year growth of 17.25%, but the net profit dropped by 80.51% to 10 million yuan due to a slowdown in revenue recognition [1][2]. - The company is positioned as a leading domestic manufacturer of thin-film equipment, with a strong order backlog of 6.423 billion yuan at the end of 2023, an increase of 1.821 billion yuan from the previous year [1][2]. - The company expects to exceed 1,000 units shipped in 2024, representing over 100% growth year-on-year, which is anticipated to provide performance elasticity in subsequent quarters [1][2]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 2.705 billion yuan, with thin-film equipment revenue at 2.570 billion yuan, marking a 52.51% increase. The gross profit margin was 51.01%, up 1.74 percentage points [1][2][6]. - The forecast for 2024-2026 projects revenues of 4.108 billion yuan, 5.877 billion yuan, and 7.780 billion yuan, respectively, with corresponding net profits of 822 million yuan, 1.245 billion yuan, and 1.729 billion yuan [2][6]. Product Development - The company has made advancements in various thin-film processes, achieving industrialization of multiple new technologies in 2023, including PECVD and ALD equipment [1][2]. - The mixed bonding equipment has also begun to generate revenue, with sales of 3 units contributing 64 million yuan in 2023 [1][2]. Market Position - The company is recognized for its strong domestic substitution capabilities in the thin-film equipment sector, which is expected to enhance its competitive edge in the semiconductor industry [1][2].