KINGSEMI(SH:688037)2024-05-13 11:32Investment Rating - The report maintains a "Buy" rating for the company [5][19]. Core Views - The company reported a Q1 2024 revenue of 244 million yuan, a year-on-year decrease of 15.27%, and a net profit attributable to the parent company of 16 million yuan, down 75.73% year-on-year. However, the 2023 revenue was 1.717 billion yuan, an increase of 23.98%, with a net profit of 251 million yuan, up 25.21% year-on-year [5]. - The company has a strong order backlog of approximately 2.2 billion yuan at the end of 2023, indicating stable demand for its products despite a slowdown in market demand [5]. - The company is expanding its product offerings, including new chemical cleaning machines, which are expected to become a new growth driver [6][19]. Financial Summary - The company’s total revenue for 2023 was 1.717 billion yuan, with a gross margin of 42.5%. The forecast for 2024 revenue is 2.004 billion yuan, with a projected net profit of 288 million yuan [20][22]. - The company’s earnings per share (EPS) for 2023 was 1.82 yuan, with projections of 2.09 yuan for 2024 and 2.70 yuan for 2025 [20][22]. - The company’s return on equity (ROE) for 2023 was 10.5%, with expectations of 10.6% in 2024 and 11.9% in 2025 [20][22].