Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant improvement in performance, with a notable increase in revenue and a positive outlook on its coating and developing equipment business [7] - The company is positioned as a leader in the semiconductor equipment sector, particularly in coating and developing equipment, and is expected to benefit from the growth of its chemical cleaning machines [7] - The financial forecasts for the company indicate a steady increase in revenue and net profit over the next few years, with a projected net profit of 2.33 billion, 3.75 billion, and 5.92 billion for 2025, 2026, and 2027 respectively [7][8] Financial Summary - Total revenue is projected to grow from 1,717 million in 2023 to 3,525 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 39.04% [1][8] - The net profit is expected to recover from a decline in 2024 to 591.84 million by 2027, with a significant growth rate of 57.66% in 2027 [1][8] - The earnings per share (EPS) is forecasted to increase from 1.25 in 2023 to 2.94 in 2027, indicating strong profitability growth [1][8] - The company’s gross margin is expected to improve gradually, reaching 40.42% by 2027 [8]