2024Q1营业收入同比快速增长，新产能投放推动毛利率环比回升

Investment Rating - The investment rating for the company has been downgraded to "Accumulate" from "Buy" [2][6] Core Insights - The company experienced a rapid growth in revenue in Q1 2024, with a year-on-year increase of 105%, driven by new production capacity [1] - The gross margin showed a recovery in Q1 2024, reaching 25.4%, up by 4.1 percentage points quarter-on-quarter, despite a decline in Q4 2023 due to increased labor and depreciation costs from the new factory [1] - The company achieved breakthroughs in Y-Al and fluorine coating technologies, which are expected to enhance its competitive position in the semiconductor equipment market [1] - The revenue from module products surged by 126% year-on-year in 2023, with the mainland China region being the primary growth driver [1] Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported revenue of 676 million RMB, a quarter-on-quarter increase of 20% and a year-on-year increase of 27%. The gross margin was 21.3%, down by 5.1 percentage points quarter-on-quarter and 10.2 percentage points year-on-year [1] - For Q1 2024, the revenue was 701 million RMB, reflecting a quarter-on-quarter growth of 4% and a year-on-year growth of 105%. The gross margin improved to 25.4% [1] - The company’s net profit attributable to the parent company for Q1 2024 was 54 million RMB, up 10% quarter-on-quarter and up 1385% year-on-year [1] Product and Market Development - The company’s revenue from process components in 2023 was 457 million RMB, up 12% year-on-year, while structural components revenue was 491 million RMB, down 2% year-on-year. The revenue from module products was 925 million RMB, up 126% year-on-year [1] - The mainland China region contributed 1.436 billion RMB in revenue in 2023, a 72% increase year-on-year, while revenue from regions outside mainland China was 602 million RMB, down 13% year-on-year [1] Technological Advancements - The company successfully developed Y-Al and fluorine coatings, with the Y-Al series already validated by clients and the fluorine coating in the client validation stage [1] - The company is expanding its production bases in Nantong, Beijing, Singapore, and the United States to adapt to international market changes and enhance its global market share [1] Valuation - The estimated EPS for the company for 2024, 2025, and 2026 is projected to be 1.29 RMB, 1.82 RMB, and 2.32 RMB respectively. The total market capitalization as of April 30, 2024, is 14.9 billion RMB, corresponding to PE ratios of 55.1, 39.0, and 30.6 for the respective years [1]