晶盛机电：半导体大硅片设备获沪硅订单，半导体设备、材料加速布局

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has received new orders for semiconductor single crystal furnaces and polishing machines from Shanghai Xinsheng, benefiting from the expansion of 12-inch silicon wafer production capacity [3] - The company is accelerating its layout in semiconductor equipment, focusing on four major categories: large silicon wafer equipment, advanced processes, advanced packaging, and silicon carbide equipment [3] - The company is progressing with the domestic substitution of quartz crucibles and the production of 8-inch silicon carbide substrates [4] - The profit forecast for the company is maintained at 46 billion, 54 billion, and 59 billion for 2024-2026, corresponding to P/E ratios of 10, 8, and 7 times [4] Financial Forecast and Valuation - Total revenue is projected to grow from 17,983 million in 2023 to 26,918 million in 2026, with a year-on-year growth rate of 69.04% in 2023 and gradually decreasing to 9.84% by 2026 [2][8] - The net profit attributable to the parent company is expected to increase from 4,558 million in 2023 to 5,944 million in 2026, with a significant growth of 55.85% in 2023 followed by a modest increase of 10.44% in 2026 [2][8] - The latest diluted EPS is forecasted to rise from 3.48 in 2023 to 4.54 in 2026, indicating a steady increase in earnings per share [2][8] Market Data - The closing price of the company's stock is 33.93, with a market capitalization of approximately 44,432.48 million [5] - The price-to-book ratio is 2.75, indicating the market's valuation relative to the company's book value [5] Basic Data - The company's total assets are projected to grow from 36,808 million in 2023 to 68,246 million in 2026, reflecting a strong growth trajectory [8] - The debt-to-asset ratio is expected to decrease from 56.12% in 2023 to 48.90% in 2026, indicating improved financial stability [9]