PNC(SH:603690) Guotou Securities·2024-04-30 14:30Investment Rating - The investment rating for the company is "Buy - A" with a target price of 36 CNY for the next six months [11][16]. Core Insights - The company reported a slight increase in revenue for 2023, achieving 3.33% year-on-year growth, with total revenue reaching 3.151 billion CNY. The net profit attributable to the parent company increased by 33.58% to 377 million CNY, while the net profit excluding non-recurring items decreased by 64.25% to 102 million CNY [2][10]. - The company has seen a significant increase in new orders, totaling 13.293 billion CNY, which is a 215.1% increase compared to the previous year. This includes long-term orders worth 8.661 billion CNY, reflecting the company's strategic shift towards service-oriented technology and products [10]. - The semiconductor cleaning equipment segment has shown comprehensive coverage, with breakthroughs in high-end products. The company has completed the development of wet process equipment for the 28nm node and has received orders for more advanced process nodes [4][10]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 9.52 billion CNY, a decrease of 15.27% year-on-year but an increase of 32.47% quarter-on-quarter. The net profit attributable to the parent company was 1.81 billion CNY, up 51.29% year-on-year and 107.49% quarter-on-quarter, while the net profit excluding non-recurring items was -49 million CNY [2][10]. - For Q1 2024, the company achieved a revenue of 8.11 billion CNY, a year-on-year increase of 3.48% but a quarter-on-quarter decrease of 14.80%. The net profit attributable to the parent company was 64 million CNY, up 1.45% year-on-year but down 64.91% quarter-on-quarter [2][10]. - The company forecasts revenues of 4.189 billion CNY, 5.236 billion CNY, and 6.022 billion CNY for 2024, 2025, and 2026 respectively, with net profits of 555 million CNY, 704 million CNY, and 956 million CNY for the same years [12][29].