营收端持续高速增长，扣非盈利水平有所改善

Investment Rating - The report assigns a rating of "Buy" for the company, indicating a positive outlook for its stock performance [2]. Core Insights - The company has demonstrated significant revenue growth, achieving 891 million yuan in revenue for 2023, a year-on-year increase of 74.95%. The semiconductor measurement equipment segment contributed 654 million yuan, up 70.15%, while the measurement equipment segment saw revenue of 222 million yuan, up 88.56% [2][4]. - The net profit attributable to shareholders for 2023 was 140 million yuan, a remarkable increase of 1072%, with a non-recurring net profit of 32 million yuan, marking a turnaround from losses [2][4]. - The company’s sales net profit margin and non-recurring net profit margin for 2023 were 15.75% and 3.56%, respectively, both showing significant year-on-year improvements [2]. - In Q1 2024, the company continued its growth trajectory with revenue of 235 million yuan, a 45.60% increase year-on-year, and a net profit of 34 million yuan, up 9.16% [2][4]. - The company is positioned as a leader in domestic measurement equipment, benefiting from the trend of domestic substitution in the semiconductor industry [2][4]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are 1.34 billion, 1.95 billion, and 2.61 billion yuan, representing year-on-year growth rates of 51%, 45%, and 34%, respectively [4][8]. - Net profit forecasts for the same period are 220 million, 329 million, and 467 million yuan, with year-on-year growth rates of 57%, 50%, and 42% [4][8]. - The expected earnings per share (EPS) for 2024-2026 are 0.69, 1.03, and 1.46 yuan, respectively [4][8]. Market Position and Competitive Advantage - The company specializes in high-end semiconductor quality control, providing a comprehensive range of equipment and intelligent software solutions for yield management [7]. - The domestic measurement equipment market is characterized by a large scale and low localization rate, presenting significant growth potential for the company [2][4]. - The company has established a strong customer base across various semiconductor sectors, including logic, memory, and advanced packaging enterprises [7].