芯源微：后道先进封装需求复苏，化学清洗设备有望构筑第二增长曲线

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [22]. Core Views - The company has achieved revenue growth in 2023, with a total revenue of 1.717 billion yuan, representing a year-on-year increase of 23.98%. The net profit attributable to shareholders was 251 million yuan, up 25.21% year-on-year [12][4]. - The company is actively developing new products related to advanced packaging, including temporary bonding and cleaning equipment, and has established a wholly-owned subsidiary focused on Chiplet equipment [3][4]. - The demand for advanced packaging equipment is expected to recover, and the company's chemical cleaning equipment is anticipated to become a new growth driver [4][15]. Financial Performance - In 2023, the company's gross margin was 42.53%, an increase of 4.13 percentage points year-on-year, while the net profit margin was 14.57%, up 0.12 percentage points year-on-year [12][4]. - The company’s revenue and profit forecasts for 2024-2026 are 3.21 billion yuan, 4.15 billion yuan, and 5.58 billion yuan for net profit, with corresponding EPS of 2.32 yuan, 3.00 yuan, and 4.04 yuan [4][27]. - The company’s operating income is projected to grow at a compound annual growth rate (CAGR) of 24.8% from 2023 to 2024, with a further increase expected in subsequent years [27]. Market Position and Strategy - The company has established itself as a leader in the domestic market for physical cleaning machines and is expanding its presence in the chemical cleaning equipment market, which has higher technical requirements and larger market potential [13][4]. - The company is focusing on enhancing customer engagement and increasing market share by accelerating machine iteration and order integration [15][4]. - The semiconductor equipment market is expected to recover, with a projected growth to 105.31 billion USD in 2024, driven by increased capacity in China [15].