1Q24净利润增长加快，研发强度持续提升。

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [3][4]. Core Insights - The company's net profit growth accelerated in Q1 2024, with a year-on-year increase of 90.4%, reflecting strong domestic demand for semiconductor equipment [4]. - R&D expenses nearly doubled year-on-year in Q1 2024, with an R&D expense ratio increasing by nearly 3 percentage points, highlighting the company's commitment to innovation [4]. - The company is positioned as a leading domestic equipment platform in the semiconductor sector, with significant market opportunities in etching, deposition, thermal processing, and cleaning equipment [4]. Financial Performance Summary - In 2023, the company achieved revenue of 22.1 billion RMB, a year-on-year growth of 50%, and a net profit of 3.9 billion RMB, up 66% year-on-year [4]. - For Q1 2024, the company reported revenue of 5.86 billion RMB, a year-on-year increase of 51.4%, and a net profit of 1.13 billion RMB, reflecting a strong performance in the semiconductor equipment market [4]. - The projected net profits for 2024, 2025, and 2026 are 5.8 billion RMB, 7.5 billion RMB, and 9 billion RMB, respectively, with year-on-year growth rates of 49%, 29%, and 21% [4][6]. Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 10.96 RMB, 14.12 RMB, and 17.07 RMB, respectively [6]. - The price-to-earnings (P/E) ratios for the same years are estimated at 29x, 23x, and 19x, indicating a favorable valuation compared to historical performance [4][6].