Core views:
Customer orders continued to grow, and 24Q1 sales increased significantly year over year. The company published its annual report for '23 and its quarterly report for '24. In '23, the company's revenue was 891 million yuan, yoy +74.95%. The company's product range was getting richer, market competitiveness continued to increase, and its market position was further consolidated. At the same time, the domestic semiconductor testing and measurement equipment market showed rapid development, and downstream customer equipment was in urgent need of localization. With positive factors such as strong technological innovation capabilities, excellent product quality and excellent after-sales service, brand recognition continued to expand, and customer order coverage continued to grow; in '23, the company's net profit to mother was 140 million yuan, yoy+ 1072.38%; gross profit margin 52.62%, yoy+3.95pct, net profit margin 15.75%, yoy+13.45pct. In Q1 '24, the company's revenue was 236 million yuan, yoy +45.6%, qoq -22.29%, the company's product types were getting richer, market recognition continued to increase, and the company's revenue scale grew rapidly; Q1, net profit to mother was 34.24 million yuan, yoy +9.16%, qoq -44.07%; gross profit margin 54.34%, yoy-0.92pct, qoq-3.63pct; net profit margin 14.54%, yoy-4.85pct, qoq- 3.63pct; net profit margin 14.54%, yoy-4.85pct, qoq- 3.63pct; net profit margin 14.54%, yoy-4.85pct, qoq- 3.63pct; net profit margin 14.54%, yoy-4.85pct, qoq- 3.63pct; net profit margin 14.54%, yoy-4.85pct, qoq- 3.63pct; net profit margin 14.54%, yoy-4.85pct, qoq- 3.63pct; net profit margin 14. 5.66pct
The software/hardware collaborative layout enhances customer stickiness and fully benefits from domestic replacement of measurement and testing equipment.
According to the company's 23 annual report, the company's nine series of equipment meet the needs of all types of integrated circuit customers. Among them, three series of equipment have completed prototype development. Among them, brightfield nanographic wafer defect detection equipment and optical key size measurement equipment have been shipped to customers to carry out production line process verification and application development; the three series of intelligent software developed by the company have all been applied to leading domestic customers, and the coverage in different application fields has been continuously improved. As the company continues to advance the layout of process control equipment around software/hardware, the company is expected to fully benefit from the domestic replacement process for measurement and testing equipment.
Profit forecasting and investment advice. The company's net profit for 24-26 is estimated to be 1.96/287/414 million yuan, maintaining the view that the company has a reasonable value of 94.88 yuan/share and maintaining the “buy” rating.
Risk warning. The industry cycle fluctuates; customer expansion falls short of expectations; market competition intensifies.