Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 13.09 CNY from the previous 17.62 CNY [2][24]. Core Views - The company achieved a revenue of 3.98 billion CNY in 2023, representing a year-on-year increase of 44.6%. However, the performance was below expectations due to intensified competition and a provision for receivables and contract assets amounting to 60 million CNY [24]. - The semiconductor industry's expansion is driving demand, but the rapid increase in cleanroom manufacturers' capacity is intensifying competition, which is expected to continue to pressure profit margins into 2024 [24]. - The company has a strong order acquisition capability, particularly in the semiconductor sector, with a backlog of 2.87 billion CNY at the end of 2023, a year-on-year increase of 57.9% [24]. Financial Forecasts - Revenue projections for the upcoming years are as follows: 5.07 billion CNY in 2024, 6.35 billion CNY in 2025, and 7.64 billion CNY in 2026, indicating a growth rate of 27%, 25%, and 20% respectively [10]. - The company's net profit is forecasted to be 271 million CNY in 2024, 344 million CNY in 2025, and 439 million CNY in 2026, with growth rates of 27% for both 2024 and 2025 [10]. - The earnings per share (EPS) are projected to be 0.52 CNY for 2024, 0.66 CNY for 2025, and 0.84 CNY for 2026 [10][24]. Industry Context - The cleanroom industry is experiencing rapid expansion, with the top three companies in the sector increasing their workforce by 13% year-on-year. The company itself has seen a 21% increase in employee numbers, which may continue to impact profit margins due to rising labor costs [24]. - The report highlights that the cleanroom sector is characterized by low asset intensity, primarily expanding through team size increases [24].
柏诚股份：更新报告：订单高增贡献营收，竞争加剧压制毛利