拓荆科技：在手订单充裕，工艺覆盖面进一步扩大

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Views - The company achieved a revenue of 2.705 billion yuan in 2023, representing a year-on-year growth of 58.60%. The net profit attributable to shareholders was 663 million yuan, up 79.82% year-on-year. The non-recurring net profit was 312 million yuan, an increase of 75.29% year-on-year. The gross margin was 51.01%, up 1.74 percentage points year-on-year, while the net profit margin was 24.50%, an increase of 2.89 percentage points year-on-year [5][6] - In Q1 2024, the company reported a revenue of 472 million yuan, a year-on-year increase of 17.25%. However, the net profit attributable to shareholders dropped to 10 million yuan, down 80.51% year-on-year, and the non-recurring net profit was -44 million yuan, a decline of 325.07% year-on-year [5][6] - The company expects to achieve record high shipments in 2024, with over 1,000 reaction chambers anticipated to be shipped, representing a growth rate exceeding 117% [6][7] - The company has expanded its film process coverage, launching new equipment platforms and reaction chambers that enhance performance metrics such as film uniformity and granularity [6][7] - The company is positioned to benefit significantly from domestic substitution trends, with projected net profits of 800 million yuan, 1.1 billion yuan, and 1.46 billion yuan for 2025, 2026, and 2027 respectively, corresponding to current price-to-earnings ratios of 43x, 31x, and 23x [7] Financial Summary - In 2023, the company reported total revenue of 2.705 billion yuan, with a gross profit of 1.38 billion yuan, resulting in a gross margin of 51% [13] - The projected revenues for the next few years are as follows: 3.818 billion yuan in 2024, 5.054 billion yuan in 2025, 6.516 billion yuan in 2026 [13] - The company’s net profit for 2023 was 664 million yuan, with projections of 796 million yuan in 2024, 1.097 billion yuan in 2025, and 1.455 billion yuan in 2026 [13]