业绩略超预期，新技术不断突破

Group 1 - The investment rating for the company is "Buy" with a target price of 61.93 CNY per share, while the current price is 45.38 CNY [2][4] - The company reported a revenue of 1.609 billion CNY for 2023, representing a year-on-year growth of 21.49%, and a net profit of 461 million CNY, up 12.16% year-on-year [1][5] - The company has made significant advancements in laser technology across various fields, including TOPCon, IBC, HJT, and perovskite, with new production orders achieved [1][5] Group 2 - The company is actively expanding into other sectors, including TGV laser micro-hole equipment for glass substrate chip packaging and plans for significant transfers in the display semiconductor field in 2024 [1][5] - Profit forecasts for the company indicate net profits of 677 million CNY, 810 million CNY, and 972 million CNY for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 18x, 15x, and 13x [1][5] - The company's core laser products are expected to have high value variation and order elasticity in new processes, justifying a 2024 P/E valuation of 25x [1][5]