刻蚀设备营收同比增长64%，加强研发推进平台化

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company's revenue from etching equipment grew by 64% year-on-year, indicating strong demand and order fulfillment [1] - In Q1 2024, the company achieved a revenue of 1.605 billion yuan, a year-on-year increase of 31.2%, although net profit slightly declined by 9.5% year-on-year due to increased expenses and reduced non-operating income [1][2] - The company is focusing on enhancing its R&D capabilities and advancing towards platformization in its product offerings [1] Summary by Relevant Sections Financial Performance - Q1 2024 revenue was 1.605 billion yuan, up 31.2% year-on-year but down 27.8% quarter-on-quarter [1] - Net profit for Q1 2024 was 249 million yuan, down 9.5% year-on-year and down 60.2% quarter-on-quarter [1] - Non-recurring net profit was 263 million yuan, up 15.4% year-on-year [1] Revenue Breakdown - Etching equipment revenue reached 1.335 billion yuan in Q1 2024, a 64.1% increase year-on-year, accounting for 83.2% of total revenue [1] - MOCVD equipment revenue was 38 million yuan, down 77.3% year-on-year due to market fluctuations [1] - Spare parts and service revenue was approximately 232 million yuan, down 4.4% year-on-year [1] Inventory and Contracts - As of the end of Q1 2024, contract liabilities increased to 1.169 billion yuan, up 51.5% quarter-on-quarter, reflecting a significant increase in production and shipment [1] - Inventory rose to 5.584 billion yuan, up 31.1% quarter-on-quarter, driven by increased orders and raw material procurement [1] Product Development - The company has successfully validated advanced etching machines and is increasing the coverage of its thin film deposition processes [1] - New products, including LPCVD and ALD equipment, are entering the market, with three already receiving customer certification [1] Earnings Forecast - The company forecasts revenues of 8.379 billion yuan, 10.537 billion yuan, and 13.225 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.051 billion yuan, 2.589 billion yuan, and 3.407 billion yuan for the same years [2]