一季报符合预期，国产掩膜版持续替代

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 36.05 CNY for the next six months [7][24]. Core Insights - The company has shown significant growth in Q1 2024, with revenue reaching 177 million CNY, a year-on-year increase of 30.1%, and a net profit of 41 million CNY, up 44.56% year-on-year [4][21]. - The semiconductor mask market is experiencing a shift towards domestic production, with the company actively investing in key technologies and production lines to meet the growing demand [2][5]. - The company is expanding its product offerings in the flat panel display sector, focusing on high-end mask products to cater to the increasing resolution and performance requirements of downstream manufacturers [6][22]. Financial Performance - The company reported a revenue of 672.4 million CNY for 2023, a 5.06% increase from the previous year, and a net profit of 149 million CNY, reflecting a 24.23% growth [4][25]. - The gross margin for Q1 2024 was 35.58%, an increase of 2.63 percentage points year-on-year, indicating improved operational efficiency and cost management [21][24]. - The company is projected to achieve revenues of 897 million CNY, 1.18 billion CNY, and 1.49 billion CNY for 2024, 2025, and 2026 respectively, with net profits expected to reach 200 million CNY, 281 million CNY, and 361 million CNY in the same period [24][25].