2023年报&2024年一季报点评：盈利能力短期承压，半导体设备零部件国产化趋势持续

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative price increase of 5% to 15% over the next six months [2][25]. Core Views - The company is experiencing short-term pressure on profitability due to increased costs associated with talent and equipment at new production bases, a higher proportion of low-margin module products, and increased R&D expenses [3][4]. - The company is positioned as a leading supplier of semiconductor components, benefiting from the domestic semiconductor equipment and component localization trend, with plans for significant capacity expansion in both domestic and international markets [3][4]. - The revenue forecast for 2024 and 2025 has been adjusted downwards to 250 million and 320 million respectively, reflecting cautious expectations regarding downstream recovery [3][4]. Financial Performance Summary - In 2023, the company achieved total revenue of 2,066 million, a year-on-year increase of 33.75%, while net profit attributable to shareholders was 168.69 million, a decrease of 31.28% [2][4]. - The company's gross margin and net margin for 2023 were 25.2% and 8.1%, respectively, both showing a decline compared to the previous year [3][9]. - The company’s earnings per share (EPS) for 2024 is projected at 1.20, with a price-to-earnings (P/E) ratio of 56.37 based on current market price [2][12].