2023年报及2024Q1业绩维持高增速，半导体射频电源快速放量

Investment Rating - The report maintains a "Buy" rating for the company [12] Core Views - The company reported a revenue of 1.77 billion yuan in 2023, a year-on-year increase of 37.99%, with a net profit attributable to the parent company of 431 million yuan, up 27.23% year-on-year [1] - The sales revenue from the photovoltaic industry reached 974 million yuan, growing 58.77% year-on-year, accounting for 55.03% of total revenue [1] - The semiconductor and electronic materials sector saw sales revenue of 329 million yuan, a 69.35% increase year-on-year, representing 18.62% of total revenue [1] - The company achieved a revenue of 375 million yuan in Q1 2024, reflecting a 61.02% year-on-year growth, with a net profit of 80 million yuan, up 44.73% year-on-year [1] Financial Performance Summary - Total revenue for 2023 was 1.77 billion yuan, with projected revenues of 2.53 billion yuan, 3.05 billion yuan, and 3.63 billion yuan for 2024, 2025, and 2026 respectively, indicating growth rates of 43.17%, 20.22%, and 19.13% [4][6] - Net profit attributable to the parent company for 2023 was 431 million yuan, with forecasts of 584 million yuan, 706 million yuan, and 860 million yuan for the following three years, showing growth rates of 35.32%, 20.85%, and 21.84% [4][6] - Earnings per share (EPS) are projected to be 2.65 yuan, 3.20 yuan, and 3.90 yuan for 2024, 2025, and 2026 respectively [4][6] - The current price is 46.87 yuan, with a target price of 66.25 yuan over a six-month period [1][4] Market Position and Orders - As of the end of 2023, the company had an order backlog of 3 billion yuan, a year-on-year increase of 15.96%, with new orders signed amounting to 2.6 billion yuan, up 8.33% year-on-year [2] - The company is actively expanding into the semiconductor and charging pile markets, with significant growth in orders from the semiconductor sector, which reached approximately 370 million yuan in 2023, compared to 250 million yuan in 2022 [2]