竞争力持续增强，新签订单快速增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 3.835 billion yuan for 2023, representing a year-on-year growth of 41.78%. The net profit attributable to the parent company was 401 million yuan, up 55.10% year-on-year [6][21] - The company is benefiting from the rapid growth in the downstream integrated circuit and solar photovoltaic industries, leading to a significant increase in new orders and overall revenue [6][21] - The company has established a leading position in the domestic high-purity gas supply system and is capable of competing with international suppliers [6][21] Financial Summary - Revenue is projected to grow from 3.835 billion yuan in 2023 to 5.185 billion yuan in 2024, 6.550 billion yuan in 2025, and 8.038 billion yuan in 2026 [21] - The net profit attributable to the parent company is expected to increase from 401 million yuan in 2023 to 569 million yuan in 2024, 764 million yuan in 2025, and 1.046 billion yuan in 2026 [21] - The gross margin is forecasted to improve slightly from 27.1% in 2023 to 28.5% in 2026 [21] - The return on equity (ROE) is expected to rise from 13.4% in 2023 to 19.2% in 2026 [21] Market Position and Growth - The company has seen a 37.02% year-on-year increase in revenue from the integrated circuit segment and an 82.43% increase from the solar photovoltaic segment in 2023 [6] - New orders in Q1 2024 reached 1.8 billion yuan, a 22% increase year-on-year, with 46% of these orders coming from the semiconductor industry [6] - The company is actively expanding its Opex business, which is expected to contribute to sustainable growth in the future [6]