持续加大研发投入，回购增持彰显长期信心

Investment Rating - The report maintains a "Buy" rating for the company [14]. Core Insights - The company achieved a revenue of 2.09 billion yuan in 2023, representing a year-on-year growth of 21.59%. The net profit attributable to shareholders was 538 million yuan, up 9.98% year-on-year [4][17]. - The company has significantly increased its R&D investment, with R&D expenses reaching 223 million yuan in 2023, a 44.28% increase year-on-year, accounting for 10.68% of total revenue [13][52]. - The company is expanding its business layout, with new production capacities added in various segments, including quartz glass materials and products [21][43]. Financial Performance Summary - Revenue and Profitability: - 2023 revenue: 2.09 billion yuan, up 21.59% year-on-year [4][17]. - 2023 net profit: 538 million yuan, up 9.98% year-on-year [4][17]. - Basic earnings per share (EPS) for 2023: 1.05 yuan, up 9.19% year-on-year [4][17]. - Quarterly Performance: - Q1 2024 revenue: 410 million yuan, down 17.81% year-on-year and down 31.16% quarter-on-quarter [17][18]. - Q1 2024 net profit: 77 million yuan, down 30.77% year-on-year and down 39.18% quarter-on-quarter [17][18]. - Gross Margin and Profitability Ratios: - 2023 overall gross margin: 49.48%, a decrease of 1.74 percentage points year-on-year [9][50]. - Return on equity (ROE) for 2023: 16.43%, down 1.48 percentage points year-on-year [9][50]. Business Segment Performance - Product Revenue: - Quartz glass products generated 681 million yuan in sales, a 52.21% increase year-on-year, accounting for 32.56% of total revenue [13][43]. - Quartz glass materials generated 1.34 billion yuan in sales, a 9.71% increase year-on-year, accounting for 63.92% of total revenue [13][43]. - Subsidiary Performance: - The subsidiary Shanghai Shichuang achieved revenue of 673 million yuan, up 56.84% year-on-year [21][45]. - The subsidiary Qianjiang Feihua achieved revenue of 389 million yuan, up 34.40% year-on-year [21][45]. Investment Outlook - The company is expected to achieve net profits of 603 million yuan, 794 million yuan, and 1.041 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.15 yuan, 1.52 yuan, and 1.99 yuan [13][14].