LINTON Technologies Group(BJ:835368) KAIYUAN SECURITIES·2024-05-16 06:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [8][16]. Core Insights - The company is a leader in photovoltaic and semiconductor equipment manufacturing, with significant growth driven by downstream expansion and new product launches [12][30]. - In 2023, the company achieved a revenue of 6 billion yuan, a year-on-year increase of 59%, and a net profit of 681 million yuan, up 51% [17]. - The company has a strong order backlog of 9.638 billion yuan, with 8.519 billion yuan from crystal growth and processing equipment [12][17]. - The company is actively expanding its overseas market presence, achieving a revenue growth of 390% in international sales [12]. - The company is focusing on R&D, with a 45% increase in R&D expenses, and is developing advanced semiconductor equipment [30][31]. Financial Summary - The company's revenue is projected to grow from 6.828 billion yuan in 2024 to 8.407 billion yuan in 2026, with corresponding net profits of 833 million yuan and 1.046 billion yuan respectively [18]. - The gross margin is expected to remain stable around 26%, while the net margin is projected to improve slightly to 12.4% by 2026 [18]. - The company's earnings per share (EPS) are forecasted to increase from 3.57 yuan in 2024 to 4.48 yuan in 2026, reflecting a strong growth trajectory [18].