Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 122.0 CNY [1][6]. Core Insights - The company has shown steady order growth, with significant progress in chemical cleaning and track technology. The revenue for 2024 is projected to be 1,754 million CNY, reflecting a year-on-year increase of 2.1% [6]. - The company is experiencing short-term profit pressure due to increased R&D expenses and personnel costs, but a robust order backlog supports future recovery [6]. - The company has successfully broken the foreign monopoly in the front-end chemical cleaning equipment sector, leading to a rapid increase in verification orders [6]. - The company is positioned to enhance its market share in the semiconductor equipment sector, particularly in high-end models and new product lines [6]. Financial Summary - Total revenue is expected to grow from 1,754 million CNY in 2024 to 3,598 million CNY by 2027, with a compound annual growth rate (CAGR) of approximately 30.9% [2][7]. - The net profit attributable to the parent company is projected to increase from 203 million CNY in 2024 to 606 million CNY in 2027, with a significant growth rate of 45.0% in 2027 [2][7]. - The earnings per share (EPS) is expected to rise from 1.01 CNY in 2024 to 3.01 CNY in 2027, indicating strong profitability growth [2][7]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 95 in 2024 to 32 in 2027, suggesting an improving valuation over time [2][7].