Leadmicro(SH:688147) Changjiang Securities·2024-05-27 03:02Investment Rating - The investment rating for the company is "Buy" and is maintained [19]. Core Views - The company has experienced significant growth in orders, with a total of approximately 6.469 billion yuan in new orders for 2023, which is 2.96 times that of the same period last year. As of March 31, 2024, the company has a backlog of orders amounting to 8.191 billion yuan, including 7.026 billion yuan in photovoltaic orders and 1.115 billion yuan in semiconductor orders [6][19]. - The semiconductor business is continuously expanding, with a variety of ALD and CVD processes entering the industrial verification stage. Over 75% of the incremental orders come from the storage sector, indicating strong demand from key industry clients [7][19]. - The company is expected to achieve net profits of 546 million yuan, 728 million yuan, and 915 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to PE ratios of 24, 18, and 15 times [21][19]. Financial Summary - For 2023, the company is projected to achieve total revenue of 1.68 billion yuan, a year-on-year increase of 145.4%, and a net profit attributable to shareholders of 270 million yuan, a year-on-year increase of 399.3% [19]. - The revenue for Q4 2023 is expected to be 658 million yuan, with a year-on-year increase of 119.8%, and a net profit of 115 million yuan, a year-on-year increase of 100.89% [19]. - The company’s cash flow from operating activities is projected to be negative in 2024, with a net cash flow of -1.294 billion yuan, but is expected to recover in subsequent years [19].