高景气度持续，半导体业务进展顺利

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company reported a revenue of 672 million yuan for 2023, representing a year-on-year growth of 5.06%. The net profit attributable to shareholders reached 149 million yuan, a year-on-year increase of 24.23% [4][5] - The company is expanding its market presence and optimizing its product structure, which has contributed to profit growth. In Q1 2024, the company achieved a revenue of 177 million yuan, a year-on-year increase of 30.10% [4][10] - The company has established stable supply relationships with several well-known panel manufacturers, covering the entire generation of display panels from G2.5 to G11, which is expected to drive revenue growth as OLED penetration increases [4][10] - The semiconductor business is progressing well, with close cooperation with major domestic manufacturers on projects in the 130-28nm range [4][10] Financial Summary - For 2023, the company achieved a revenue of 672 million yuan, with a projected revenue of 880 million yuan for 2024, 1.112 billion yuan for 2025, and 1.365 billion yuan for 2026 [5][6] - The net profit attributable to shareholders for 2023 was 149 million yuan, with projections of 208 million yuan for 2024, 273 million yuan for 2025, and 339 million yuan for 2026 [5][6] - The gross margin for 2023 was 35.10%, expected to increase to 36.30% in 2024 and further to 38.10% by 2026 [5][6] - The company’s P/E ratios are projected to be 39.90 for 2024, 24.60 for 2025, and 15.13 for 2026 [5][6] Cash Flow and Investment - The operating cash flow for 2023 is reported at 167 million yuan, with projections of 146 million yuan for 2024, 324 million yuan for 2025, and 440 million yuan for 2026 [12] - The company is expected to maintain a positive cash flow trend, with significant capital expenditures planned for future growth [12][13]