以“芯”为舵，向“新”而行

Company Overview - Latest closing price: 323.00 CNY [1] - Total shares outstanding / Float shares: 531 million / 530 million [1] - Total market cap / Float market cap: 171.5 billion CNY / 171.3 billion CNY [1] - 52-week high / low: 323.00 CNY / 216.52 CNY [1] - Debt-to-asset ratio: 53.7% [1] - P/E ratio: 43.87 [1] - Largest shareholder: Beijing Sevenstar Huadian Technology Group Co, Ltd [1] Financial Performance - 2023 revenue: 22.079 billion CNY, up 50.32% YoY [2] - 2023 net profit attributable to parent company: 3.899 billion CNY, up 65.73% YoY [2] - 2023 non-GAAP net profit: 3.581 billion CNY, up 70.05% YoY [2] - 2024 Q1 revenue: 5.859 billion CNY, up 51.36% YoY [2] - 2024 Q1 net profit attributable to parent company: 1.127 billion CNY, up 90.40% YoY [2] - 2024 Q1 non-GAAP net profit: 1.072 billion CNY, up 100.91% YoY [2] Core Investment Highlights - IC equipment market share steadily increasing, driving stable growth [3] - Revenue CAGR from 2021 to 2023: 51.00% [3] - 2023 revenue breakdown: electronic process equipment 19.611 billion CNY (+62.29% YoY), electronic components 2.433 billion CNY (-5.51% YoY) [3] - Key product revenues in 2023: etching equipment ~6 billion CNY, thin film deposition equipment >6 billion CNY, vertical furnace and cleaning equipment >3 billion CNY, new energy photovoltaic equipment ~2 billion CNY [3] - 2023 new orders exceeded 30 billion CNY [3] - Platform leader benefiting from capacity expansion wave, with over 70% of new orders in IC sector [3] Technology Breakthroughs - Achieved full coverage of 12-inch silicon, metal, and dielectric etching machines [4] - Released full series of plasma stripping products [4] - Deep silicon etching machine with high aspect ratio process exceeded 100 units sold, total etching products shipped over 3,500 chambers [4] - Thin film deposition products shipped over 5,500 chambers [4] - Cleaning equipment achieved full process coverage and new breakthroughs in front-end high-end processes [4] - Introduced new products like rapid thermal annealing equipment and vertical furnace atomic layer deposition equipment [4] Financial Projections - 2024/2025/2026 revenue forecast: 30.2/40.3/53.9 billion CNY [5] - 2024/2025/2026 net profit forecast: 5.7/8.0/11.2 billion CNY [5] - 2024-2026 P/E ratios: 29x, 21x, 15x [5] - Maintain "Buy" rating [5] Industry Outlook - China expected to maintain annual investment scale of over $30 billion in 300mm wafer fabs for next four years [3] - Government incentives and chip localization policies driving growth [3]