业绩持续高增，在手订单充足

Investment Rating - The report maintains a "Recommendation" rating for the company [2][6][7] Core Views - The company has shown continuous high growth in performance, with a substantial order backlog. In 2023, the company achieved revenue of 22.08 billion yuan, representing a year-on-year growth of 50.32%, and a net profit of 3.90 billion yuan, up 65.73% year-on-year [6][7] - The company benefits from the domestic IC equipment market, with significant orders exceeding 30 billion yuan in 2023, indicating strong demand [6][7] - The company has established a robust customer service system with 19 service centers and 4 spare parts distribution centers across the country, enhancing its competitive edge [6][7] Financial Summary - In 2023, the company reported revenue of 22,079 million yuan and a net profit of 3,899 million yuan, with a proposed cash dividend of 7.80 yuan per 10 shares [5][6] - The company's gross margin and net margin for 2023 were 41.10% and 18.26%, respectively [6] - The company’s revenue projections for 2024-2026 are 30,690 million yuan, 41,432 million yuan, and 53,862 million yuan, with corresponding net profits of 5,609 million yuan, 7,385 million yuan, and 9,439 million yuan [5][7] Order and Market Position - The company has completed mass production verification for hundreds of processes in etching equipment, with over 3,200 units shipped by the end of 2023 [4][6] - The company is a leading player in the domestic semiconductor equipment market, benefiting from the trend of domestic substitution [7] - The company’s R&D expenses reached 2.475 billion yuan in 2023, accounting for 11.21% of revenue, indicating a strong commitment to innovation [6][7]