PNC(603690) 东吴证券·2024-05-05 16:00Investment Rating - The report maintains a "Buy" rating for the company based on its high growth potential [4][35]. Core Views - The company has shown steady revenue growth, with a 3.33% year-on-year increase in revenue to 3.151 billion yuan in 2023. The net profit attributable to the parent company increased by 33.58% to 377 million yuan, primarily due to investment gains from equity disposals [9][19]. - The company benefits from the import substitution in semiconductor cleaning equipment and has expanded its consumables and services, which opens up growth opportunities [10][52]. - The company has a strong order backlog, with new orders totaling 13.77 billion yuan in Q1 2024, indicating robust demand in the semiconductor sector [13][44]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 31.51 billion yuan, with system integration and materials contributing 23.8 billion yuan, a 5.73% increase year-on-year. Equipment business revenue was 7.6 billion yuan, down 3.69% [9][18]. - The company's gross profit margin for 2023 was 33.81%, a decrease of 1.55 percentage points year-on-year, while the net profit margin was 10.41%, an increase of 1.22 percentage points [34][39]. Order and Inventory Management - As of Q1 2024, the company's contract liabilities reached 542 million yuan, up 78.77% year-on-year, and inventory was 2.975 billion yuan, up 43.86% [13][45]. - The company signed new orders worth 132.93 billion yuan in 2023, including long-term contracts for electronic materials and specialized services [13][44]. Profitability and Valuation - The report adjusts the net profit forecast for 2024 and 2025 to 520 million yuan and 660 million yuan, respectively, with a projected net profit of 780 million yuan for 2026. The current market value corresponds to dynamic P/E ratios of 19, 15, and 13 times for the respective years [4][35].