Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant increase in revenue and orders, with 2024 revenue reaching 4.103 billion yuan, a year-on-year increase of 51.70%, and a net profit of 688 million yuan, up 3.86% [2][4]. - In Q1 2025, the company achieved revenue of 709 million yuan, a 50.22% increase year-on-year, but reported a net loss of 147 million yuan, a decrease of 1503.33% [2][4]. - The company has a robust order backlog of approximately 9.4 billion yuan, which is expected to drive future revenue and profit growth [9]. Summary by Sections Financial Performance - In 2024, the company generated total revenue of 41.03 billion yuan and a net profit of 6.88 billion yuan [2][4]. - For Q1 2025, the revenue was 7.09 billion yuan, while the net profit was a loss of 1.47 billion yuan [2][4]. - The gross margin for 2024 was 41.69%, down 5.43 percentage points year-on-year, and for Q1 2025, it further declined to 19.89%, a drop of 23.61 percentage points [9]. Business Segments - The company’s revenue from thin film deposition equipment reached 38.63 billion yuan in 2024, with a growth rate of 50.29%, while advanced bonding equipment and related detection equipment also saw significant growth [9]. - The company has expanded its product offerings in the thin film sector, introducing new products and achieving stable operational performance with an average uptime exceeding 90% [9]. Growth Strategy - The company has launched a stock incentive plan to boost growth confidence, targeting revenue of approximately 5 billion yuan in 2025 and 6 billion yuan in 2026 [9]. - The company is expected to achieve net profits of 9.5 billion yuan, 12.9 billion yuan, and 16.7 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 46x, 34x, and 26x [9].

Group 1: Revenue Growth - In 2024, the company achieved revenue of 4.103 billion yuan, a year-on-year increase of 51.70% [1] - Revenue from thin film deposition equipment reached 3.863 billion yuan, up 50.29% year-on-year, with PECVD maintaining its core advantage and achieving record sales [1] - The company continued to maintain high growth in Q1 2025, with revenue of 709 million yuan, a year-on-year increase of 50.22% [1] Group 2: Profitability and R&D Investment - In 2024, the company's net profit attributable to shareholders was 688 million yuan, a year-on-year increase of 3.86%, while the net profit after deducting non-recurring items was 356 million yuan, up 14.10% [2] - R&D expenses for the year were 756 million yuan, an increase of 31.26% year-on-year, contributing to a decrease in gross margin [2] - The gross margin for 2024 was 41.69%, down 5.43 percentage points year-on-year, primarily due to the higher costs associated with new products and processes [2] Group 3: Order Backlog and Inventory - As of the end of 2024, the company had an order backlog of approximately 9.4 billion yuan, indicating strong demand [2] - Inventory at the end of Q1 2025 was 7.812 billion yuan, a year-on-year increase of 39.18%, with a 94% increase in shipped goods [2] - Contract liabilities reached 3.752 billion yuan, up 170.65% year-on-year, reflecting a robust order backlog [2] Group 4: Profit Forecast and Valuation - The company forecasts revenues of 5.784 billion yuan, 7.812 billion yuan, and 9.596 billion yuan for 2025-2027, with net profits of 900 million yuan, 1.336 billion yuan, and 1.616 billion yuan respectively [3] - The projected PE ratio for 2025 is 49X, maintaining a "recommended" rating [3]