收入持续高增，盈利能力稳定

Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a target price of 182.76 CNY [2] Core Views - The company reported a revenue of 6.264 billion CNY in 2023, representing a year-on-year growth of 32.15%, and a net profit attributable to shareholders of 1.786 billion CNY, which is a 52.67% increase year-on-year [3] - The company benefits from the expansion of domestic wafer fabs, with etching equipment sales reaching approximately 4.703 billion CNY, a year-on-year increase of about 49.43% [4] - The company has stable profitability, with a gross margin of 45.83% in 2023, a slight increase of 0.09 percentage points year-on-year, and a net profit margin of 28.48%, up 3.84 percentage points year-on-year [5] - The company is expected to achieve revenues of 8.416 billion CNY, 11.097 billion CNY, and 14.280 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 34.36%, 31.86%, and 28.69% [6] Financial Data Summary - Total share capital is 619.28 million shares with a market capitalization of approximately 95.11 billion CNY [1] - The company's earnings per share (EPS) for 2023 is 2.89 CNY, reflecting a year-on-year growth of 52.11% [3] - The company's debt-to-asset ratio is 17.20% [1] - The projected EBITDA for 2024 is 2.949 billion CNY, with a year-on-year growth of 41.45% [8]