The “Double Improvement of Quality and Return” action plan was issued, and more measures were taken to promote the company's rapid development. The company issued an announcement on the “Double Improvement of Quality and Return” action plan. The main measures include: 1. Focus on the development of the main business to enhance industry recognition and market share; 2. Adhere to innovation drive to consolidate the competitive advantage of semiconductor core equipment; 3. Consolidate corporate governance and actively practice social responsibility; 4. Strengthen investor communication and improve the quality of information disclosure; 5. Pay attention to reasonable returns from investors and share the results of enterprise development. As the plan progresses, the company is expected to continue to improve its management level and continuously improve its core competitiveness, profitability and comprehensive risk management capabilities in order to achieve significant development and give back to investors.
Technology breakthrough+market introduction, the market share of industry leaders has steadily increased. In the field of integrated circuit equipment, the company has maintained a leading position in China for many years. Core process equipment such as etching/depositing/cleaning/furnace tubes has broken through many key technologies and achieved industrial application. Market recognition has continued to increase, and process coverage and market share have also achieved significant growth, driving the company's business scale to expand dramatically. According to the company's 23-year performance forecast, the company signed more than 30 billion yuan of new orders in 23, of which the IC sector accounts for more than 70%, and the leading position in the industry is stable.
R&D innovation strengthens competitive advantages, and diversified supply chains raise the level of mass production delivery. The company continues to strengthen technological innovation and consolidate the company's competitive advantage. In 2023, the company released a 12-inch plasma etching machine used in the crystal edge etching process, achieving a “zero” breakthrough in domestic crystal edge dry etching equipment; the self-developed 12-inch high-density plasma chemical vapor deposition equipment has officially entered client verification. At the same time, the company's diversified supply chain support capabilities have been continuously enhanced, mass production and delivery levels have been effectively improved, the scale effect is gradually showing, and profitability continues to improve.
Profit forecasting and investment advice. The company is expected to have revenue of 220.21/305.58/38.439 billion yuan in 23-25 years, and net profit of 38.81/57.28/7.644 billion yuan to mother, maintaining the view that the company has a reasonable value of 416.96 yuan/share unchanged and maintaining a “buy” rating.
Risk warning. The industry cycle fluctuates; market competition intensifies; market development falls short of expectations.