2023年年报、2024年一季报点评：业绩短期承压，看好复合铜箔设备放量

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][17]. Core Views - The company achieved a revenue of 910 million yuan in 2023, a year-on-year decrease of 10.1%, and a net profit attributable to shareholders of 150 million yuan, down 29.0% year-on-year [1]. - The company is focusing on the development of new products in the electroplating equipment sector, with significant achievements in the photovoltaic electroplating equipment field [2][3]. - The forecast for net profit for 2024 and 2025 has been adjusted downwards to 290 million yuan and 430 million yuan, respectively, reflecting a decrease of 36.3% and 39.6% [4]. Financial Performance Summary - In 2023, the company reported a gross margin of 41.7%, a slight decrease of 0.1 percentage points year-on-year, and a net margin of 16.7%, down 4.3 percentage points year-on-year [1]. - The first quarter of 2024 saw a revenue of 200 million yuan, a year-on-year decline of 15.7%, with a net profit of 30 million yuan, down 38.7% year-on-year [14]. - The company’s revenue from high-end PCB electroplating equipment was 360 million yuan, a decrease of 46.8% year-on-year, while revenue from surface treatment equipment for hardware increased by 36.3% to 160 million yuan [14]. Product Development and Market Outlook - The company has successfully launched the PV8000H vertical continuous electroplating production line for silicon wafers, marking a significant achievement in photovoltaic electroplating equipment [3]. - The company is optimistic about the order volume for specialized equipment in the new energy sector, particularly for composite copper foil and copper plating for photovoltaic applications [4]. Capacity Expansion - The company has completed the expansion of its PCB vertical continuous electroplating equipment production project, increasing its production facility area to 100,000 square meters [23]. - New production bases are being established, including a project in Kunshan and a high-end surface treatment equipment production base expected to be operational by June 2024 [23].