创新开拓，“荆”诚前行

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index [6][10]. Core Insights - The company achieved a revenue of 2.705 billion yuan in 2023, representing a year-on-year increase of 58.60%, and a net profit of 663 million yuan, up 79.82% year-on-year [2][3]. - The company has a strong order backlog of 6.423 billion yuan at the end of 2023, which supports future revenue growth [3]. - The company is experiencing a decline in performance in Q1 2024, with a revenue of 472 million yuan, a year-on-year increase of 17.25%, but a net loss of 10 million yuan, down 80.51% year-on-year [2][3]. Financial Performance Summary - In 2023, the company reported a compound annual growth rate (CAGR) of 107.31% in revenue from 2018 to 2023 [3]. - The company’s R&D investment reached 576 million yuan in 2023, a 52.07% increase year-on-year, contributing to improved revenue and profitability [3][5]. - The projected revenues for 2024, 2025, and 2026 are 4.067 billion yuan, 5.395 billion yuan, and 7.016 billion yuan, respectively, with corresponding net profits of 856 million yuan, 1.105 billion yuan, and 1.458 billion yuan [6][8]. Product Development and Market Position - The company has expanded its product offerings in thin film technology, including PECVD, ALD, SACVD, and HDPCVD, which are essential for logic and memory chips [5]. - In 2023, the company shipped over 460 reaction chambers and aims to exceed 1,000 shipments in 2024, setting a new record [5]. - The company has successfully launched new equipment platforms and reaction chambers, enhancing production capacity and performance metrics [5]. Future Outlook - The company is expected to maintain a strong growth trajectory, with projected P/E ratios of 40x, 31x, and 23x for 2024, 2025, and 2026, respectively [6][8]. - The ongoing high R&D investment is anticipated to continue driving innovation and market penetration, further solidifying the company's competitive advantage [3][5].