业绩符合预期，泛半导体持续高增

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 55.97 CNY and a target value of 71.17 CNY per share [3]. Core Insights - The company's performance in 2023 met expectations, with a revenue of 829 million CNY, a year-on-year increase of 27.07%, and a net profit attributable to shareholders of 179 million CNY, up 31.28% year-on-year [2]. - The company's gross margin was affected by the downturn in the downstream electronic market, with a gross margin of 42.62% in 2023, down 0.55 percentage points year-on-year. However, it is expected to gradually recover in 2024 [2]. - The company is focusing on high-end, international, and major customer strategies, which are expected to enhance its competitive position in the PCB sector [2]. - The semiconductor segment showed significant growth, with revenue reaching 188 million CNY in 2023, a remarkable increase of 97% year-on-year [9]. Financial Summary - The company forecasts revenues of 1,109 million CNY, 1,439 million CNY, and 1,802 million CNY for 2024, 2025, and 2026, respectively, indicating a growth rate of 33.8%, 29.8%, and 25.2% [10]. - The net profit attributable to shareholders is projected to be 267 million CNY, 367 million CNY, and 474 million CNY for the same years, with growth rates of 49.0%, 37.5%, and 29.0% [10]. - The report highlights a projected EPS of 2.03 CNY, 2.80 CNY, and 3.61 CNY for 2024, 2025, and 2026, respectively [10].