Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company has shown a return to an upward growth trajectory, with quarterly revenue improvement evident in 2023. Despite a year-over-year revenue decline of 3.14% to 5.371 billion yuan and a net profit drop of 31.46% to 498 million yuan, the fourth quarter of 2023 saw a significant revenue increase of 32.17% year-over-year and a net profit surge of 296.79% year-over-year [5][6]. - The first quarter of 2024 is projected to continue this trend, with expected revenue of 1.378 billion yuan, reflecting a year-over-year growth of 33.12%, and a net profit forecast of 125 million yuan, indicating a remarkable year-over-year increase of 310.68% [5][6]. - The company is expanding its product lines and market share, particularly with the T series chips, which have seen over 100% year-over-year sales growth due to successful certifications in mainstream ecosystems [5][6]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 5.371 billion yuan, down 3.14% year-over-year, and a net profit of 498 million yuan, down 31.46% year-over-year. The gross margin for the year was 36.41%, a decrease of 0.69 percentage points [5][6]. - The fourth quarter of 2023 reported revenue of 1.513 billion yuan, up 32.17% year-over-year and 0.39% quarter-over-quarter, with a net profit of 184 million yuan, up 296.79% year-over-year and 42.82% quarter-over-quarter. The gross margin for Q4 was 39.08%, an increase of 3.37 percentage points year-over-year [5][6]. Product Development and Market Expansion - The company is actively developing new products and expanding into overseas markets, with the S series products gaining traction among international operators. The T series chips are being applied in various smart devices, and the A series products are integrated with advanced modules for diverse applications [6]. - Research and development efforts are robust, with R&D expenses in 2023 amounting to 1.283 billion yuan, a year-over-year increase of 8.21%. The first quarter of 2024 is expected to see R&D expenses of 328 million yuan, reflecting a slight increase [6]. Future Outlook - The company is expected to maintain a steady growth trajectory, with projected net profits of 720 million yuan, 1.011 billion yuan, and 1.338 billion yuan for 2024, 2025, and 2026, respectively [6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [5][8]. Core Insights - The company has shown a gradual recovery from the industry downturn, with a significant improvement in quarterly performance starting from Q2 2023. The Q4 2023 revenue reached 15.13 billion yuan, marking a year-on-year increase of 32.17% and a quarter-on-quarter increase of 0.39%. The net profit for Q4 2023 was 1.84 billion yuan, up 296.79% year-on-year and 42.82% quarter-on-quarter [3]. - For Q1 2024, the company is projected to achieve approximately 13.78 billion yuan in revenue, representing a year-on-year growth of about 33.12%, and a net profit of around 1.25 billion yuan, which is an increase of approximately 310.68% year-on-year [3]. - The company has maintained a high level of research and development investment, with R&D expenses amounting to 12.83 billion yuan in 2023, a year-on-year increase of 8.21%. The number of R&D personnel also increased by 99 [3]. Financial Summary - In 2023, the company reported total revenue of 53.71 billion yuan, a decrease of 3.14% year-on-year, and a net profit of 4.98 billion yuan, down 31.46% year-on-year. The projected revenues for 2024, 2025, and 2026 are 64.10 billion yuan, 78.32 billion yuan, and 94.15 billion yuan, respectively, with corresponding net profits of 7.13 billion yuan, 9.90 billion yuan, and 12.48 billion yuan [5][7]. - The company’s earnings per share (EPS) for 2023 was 1.19 yuan, with projections of 1.70 yuan for 2024, 2.37 yuan for 2025, and 2.98 yuan for 2026. The price-to-earnings (P/E) ratios for these years are expected to be 44.52, 31.10, 22.40, and 17.77, respectively [5][7].

Group 1: Company Overview - AmLogic (Shanghai) Co., Ltd. is a leading fabless semiconductor company focused on system-on-chip (SoC) design and sales, with products widely used in multimedia smart terminals, wireless connectivity, and automotive electronics [11][12]. Group 2: Financial Performance - In Q1 2024, the company expects revenue of approximately CNY 1.378 billion, a year-on-year increase of about 33.12% compared to Q1 2023 [12]. - The net profit attributable to shareholders is projected to be around CNY 125 million, reflecting a year-on-year growth of approximately 310.68% [12]. - R&D expenses for Q1 2024 are estimated at CNY 328 million, an increase of CNY 46 million compared to the same period in 2023 [12]. Group 3: Product Development and Market Trends - The T series products have seen significant revenue growth, with a year-on-year increase exceeding 100% in Q1 2024, driven by expanded partnerships with major global TV ecosystems [13][14]. - The company’s 8K chips have passed certification tests and are set for mass commercialization in the domestic market [14]. - The smart home product line has shown significant growth, with sales in Q1 2024 increasing notably compared to Q1 2023 [14][15]. Group 4: Industry Insights - The global smart home penetration rate is currently low, with China at only 16.63%, indicating substantial growth potential in the future [15]. - The automotive electronics segment is a long-term strategic focus, with successful penetration into various domestic and international car manufacturers [16]. Group 5: Future Outlook - The company anticipates further revenue growth in Q2 2024 and for the full year, based on industry trends and product competitiveness [18].

Investment Rating - Buy (Maintained) with a target price of 68.00 yuan (6 months) [1] Core Views - The company achieved revenue of 5.37 billion yuan in 2023, a year-on-year decrease of 3.1%, and net profit attributable to the parent company of 500 million yuan, a year-on-year decrease of 31.5% [2] - For Q1 2024, the company expects revenue of 1.38 billion yuan, a year-on-year increase of 33.1%, and net profit attributable to the parent company of 130 million yuan, a year-on-year increase of 310.7% [2] - Q4 2023 saw significant improvement in gross margin, reaching 39.1%, up 3.1 percentage points quarter-on-quarter [2] - The company's first 6nm commercial chip has been successfully taped out, with potential applications in automotive and smart devices [2] - The company's WiFi tri-mode chip (WiFi 6+BT 5.4+802.15.4) has been successfully taped out, supporting Thread/Zigbee and enabling applications in IoT gateways and Matter controllers [2] - The 8K chip has passed operator certification tests and is expected to enter mass commercial use in the domestic operator market [2] Financial Performance - Revenue for 2023 was 5.37 billion yuan, a year-on-year decrease of 3.1% [2] - Net profit attributable to the parent company for 2023 was 500 million yuan, a year-on-year decrease of 31.5% [2] - Q4 2023 revenue was 1.51 billion yuan, a year-on-year increase of 32.2%, with net profit attributable to the parent company of 180 million yuan, a year-on-year increase of 296.8% [2] - Gross margin in Q4 2023 improved to 39.1%, up 3.1 percentage points quarter-on-quarter [2] - R&D expenses in Q1 2024 were 330 million yuan, with share-based payment expenses of 40 million yuan [2] Product and Market Outlook - Global smart set-top box shipments are expected to grow by 8.79% in 2024, driven by economic stabilization and the "smart replacement" trend [2] - The company has deepened cooperation with Google, Amazon, Roku, and RDK TV, and added new ecosystem partners such as Xumo and TIVO TV in 2023 [2] - The company's S-series chips are benefiting from the recovery in set-top box demand, while the T-series is gaining market share overseas [9] - The W-series WiFi6 products were successfully shipped in 2023, and the new tri-mode chip is expected to enter mass production soon [9] Financial Projections - Revenue for 2024-2026 is projected to be 6.54 billion yuan (+21.8%), 7.89 billion yuan (+20.7%), and 9.55 billion yuan (+21%) respectively [9] - Net profit attributable to the parent company for 2024-2026 is projected to be 710 million yuan (+42.5%), 940 million yuan (+31.9%), and 1.13 billion yuan (+21%) respectively [9] - EPS for 2024-2026 is projected to be 1.70 yuan, 2.24 yuan, and 2.71 yuan respectively [9] - The company's PE ratio for 2024-2026 is projected to be 32x, 24x, and 20x respectively [9] Valuation - The target price of 68.00 yuan is based on a 40x PE ratio for 2024 [9] - The average PE ratio of three comparable companies in the chip design industry is 57x for 2024 [9] - The company's three-year compound growth rate for net profit is expected to be 31.5% [9]

Investment Rating - Buy (Maintained) [2] Core Views - The company, Jingcheng Co Ltd (688099 SH), has shown a steady recovery from the industry downturn, with revenue increasing for three consecutive quarters in 2023 and a significant year-on-year growth of 33 12% in Q1 2024 [4] - Despite a decline in net profit in 2023, the company achieved a 42 82% quarter-on-quarter increase in Q4 2023, indicating a turnaround in profitability [4] - The company has maintained high R&D investment during the industry downturn, leading to the successful launch of new products such as 8K ultra-high-definition SoC chips and next-generation T-series chips [5] - The company has expanded its product matrix and accumulated a stable customer base, including major players like ZTE, Alibaba, Google, and BMW [5] - The company expects further revenue growth in 2024, supported by its stock incentive plan and continuous product innovation [4] Financial Performance and Forecast - In 2023, the company reported revenue of 5 371 billion yuan, a year-on-year decrease of 3 14%, and net profit of 498 million yuan, a year-on-year decrease of 31 46% [4] - For Q1 2024, the company expects revenue of 1 378 billion yuan, a year-on-year increase of 33 12%, and net profit of 125 million yuan, a year-on-year increase of 310 68% [4] - The company's gross margin in 2023 was 36 41%, slightly down by 0 69 percentage points due to rising raw material costs [4] - The company forecasts revenue of 6 525 billion yuan, 8 018 billion yuan, and 10 037 billion yuan for 2024, 2025, and 2026, respectively, with net profit expected to reach 753 million yuan, 1 111 billion yuan, and 1 493 billion yuan in the same periods [5] - The company's PE ratio is projected to be 29x, 20x, and 15x for 2024, 2025, and 2026, respectively [5] Product and Market Development - The company has successfully launched several new products, including 8K ultra-high-definition SoC chips, next-generation T-series chips, and second-generation Wi-Fi Bluetooth chips, which have been commercialized and adopted by major clients [5] - The company's automotive electronics chips have been mass-produced and adopted by leading car manufacturers such as BMW, Lincoln, and Zeekr [5] - The company has established a strong presence in both domestic and international markets, with its products widely used by major operators and enterprises, including China Mobile, Xiaomi, and Samsung [5] R&D and Innovation - The company increased its R&D personnel by 99 in 2023, with R&D expenses reaching 1 283 billion yuan, an increase of 97 million yuan compared to 2022 [5] - The company's R&D efforts have resulted in significant technological advancements, including the adoption of 12nm FinFET technology in its T-series chips and the development of Wi-Fi 6 2T2R and BT 5 4 chips [5] Stock Incentive Plan - The company implemented two stock incentive plans in 2023, with expected payments of 99 05 million yuan, 47 44 million yuan, 17 45 million yuan, and 3 30 million yuan for 2024, 2025, 2026, and 2027, respectively, reflecting confidence in future performance [4]

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating an expected price increase of over 15% relative to the benchmark index within 6-12 months [3][29]. Core Views - The company is experiencing a gradual recovery in performance, driven by new product launches and a rebound in downstream demand, suggesting a potential second growth curve [2][16]. - The semiconductor industry faced challenges in 2023, but the company has shown significant improvement in Q4 2023 and is expected to continue this trend into 2024 [2][24]. - The company maintains a strong focus on R&D, which is expected to support long-term growth and product innovation [2][22]. Summary by Sections Company Overview - The company, known as a leader in multimedia SoC chips, has a strong market position in various applications including smart set-top boxes and smart TVs [8][12]. - It has established a global customer network and is recognized for its technological innovation and market share [8][12]. Financial Performance - In 2023, the company reported revenues of 5.371 billion yuan, a decrease of 3.14% year-on-year, and a net profit of 498 million yuan, down 31.46% year-on-year [2][5]. - Q4 2023 showed a revenue increase of 32.17% year-on-year, with net profit soaring by 296.79% [2][16]. - For Q1 2024, the company anticipates revenues of approximately 1.378 billion yuan, representing a year-on-year growth of about 33.12% [2][24]. Future Outlook - The company is expected to achieve net profits of 760 million yuan, 1.066 billion yuan, and 1.394 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 52.7%, 40.2%, and 30.8% [3][5]. - The introduction of new products, including 6nm chips and Wi-Fi solutions, is anticipated to contribute to revenue growth [2][24]. R&D and Competitive Advantage - The company has a robust R&D team, with 85.63% of its workforce dedicated to research and development, which is crucial for maintaining its competitive edge in the semiconductor industry [22][25]. - The company has developed significant technological barriers, making it difficult for new entrants to compete effectively [24][25].

[Table_Header] 公司点评●半导体 2024年 04 月12 日 [Table_Title] [Table_StockCode] 晶晨股份(688099.SH) 业绩拐点已现，关注公司新品类拓展 [Table_InvestRank] 推荐 (维持) 核心观点： 分析师 [Table⚫_ Sum事m件ar y]公 司发布 2023 年年报及 24Q1 业绩自愿性披露公告，2023 年全年 [高Ta峰b le_Authors] 公司实现营收 53.71 亿元(yoy:-3.14%)；实现净利润 4.98 亿元(yoy:- ：010-80927671 31.46%)，预计公司 24Q1 实现营业收入 13.78 亿元(yoy:+310.68%)，实现 ：gaofeng_yj@chinastock.com.cn 归母净利润 1.25亿元(yoy:+ 390.97%)，业绩拐点已现。 分析师登记编码：S0130522040001 ⚫ 2023 年业绩持续改善，高度重视研发投入。从公司单季度业绩表现来 看，23Q4 公司实现收入 15.13 亿元(yoy:+32.17%,qoq:+0.39%)，实现归母 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company has shown a rapid recovery in performance, with a significant increase in net profit expected in Q1 2024, projected to grow by approximately 310.68% year-on-year [1]. - The diversified product strategy has yielded positive results, leading to a steady increase in market share and improved gross margins, with Q4 2023 gross margin at 39.08%, up by 8.62 percentage points [1]. - Continuous R&D efforts have led to successful product launches, including advancements in SoC chips and automotive electronics, which are expected to drive future growth [1]. - The company is expanding its customer base by providing comprehensive solutions across multiple platforms, enhancing customer loyalty and sustainable development [1]. Financial Summary - In 2023, the company achieved revenue of 5.371 billion yuan, a decrease of 3.14% year-on-year, while net profit attributable to shareholders was 498 million yuan, down 31.46% [1][2]. - For 2024, revenue is expected to reach approximately 6.439 billion yuan, representing a growth rate of 19.9%, with net profit projected at 726 million yuan, an increase of 45.8% [2][7]. - The company’s PE ratio is forecasted to decrease from 41 in 2023 to 28 in 2024, indicating improved valuation as earnings recover [2][7]. R&D and Product Development - In 2023, the company invested 1.283 billion yuan in R&D, an increase of 8.18%, and expanded its R&D team by 99 personnel [1]. - Key product developments include the S series 8K SoC chips, T series smart TV chips, and new Wi-Fi and Bluetooth chips, which are set to enter mass production and commercialization [1]. - The automotive electronics segment is also expanding, with chips now penetrating mid-range vehicles, indicating a broadening market reach [1]. Customer Base and Market Strategy - The company has established a strong customer base, including major players like Xiaomi, Alibaba, and Google, through its SoC solutions [1]. - The strategy of providing optimized system solutions based on various open platforms is expected to facilitate rapid market deployment for clients [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][12]. Core Insights - The company reported a revenue of 5.371 billion RMB in 2023, a decrease of 3.14% year-on-year, and a net profit of 498 million RMB, down 31.46% year-on-year. However, the first quarter of 2024 is expected to show significant recovery with an estimated revenue of approximately 1.378 billion RMB, representing a year-on-year growth of about 33.12%, and a net profit of around 125 million RMB, up 310.68% year-on-year [3][6]. - The company has been focusing on high R&D investment, with R&D expenses reaching 1.283 billion RMB in 2023, which is 23.9% of revenue, an increase from 21.4% in the previous year. This investment is expected to yield results with new product breakthroughs and market expansion anticipated in 2024 [3][6]. - The company’s gross margin showed a recovery trend in the second half of 2023, with Q4 gross margin at 39.1%. The first quarter of 2024 is expected to further improve profitability, with a net profit of approximately 166 million RMB after adjusting for stock-based compensation [3][6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.371 billion RMB, with a revenue growth rate of -3.14%. The net profit was 498 million RMB, with a net profit growth rate of -31.46%. For 2024, the estimated revenue is projected to be 6.509 billion RMB, reflecting a growth rate of 21.19% [6][7]. - The diluted earnings per share for 2023 was 1.196 RMB, with an expected increase to 1.740 RMB in 2024 [6][7]. R&D and Product Development - The company invested 1.283 billion RMB in R&D in 2023, which is 23.9% of its revenue. This is a significant increase from the previous year's 21.4% [3][6]. - New product developments include a successful 6nm commercial chip and a new Wi-Fi product that supports multiple protocols, which are expected to enhance market competitiveness [3][6]. Profitability and Valuation - The report adjusts the company's net profit forecasts for 2024-2026 to 728 million RMB, 1.007 billion RMB, and 1.244 billion RMB, respectively, with corresponding P/E ratios of 26, 19, and 15 [3][6]. - The company’s gross margin is expected to stabilize and improve, with a projected gross margin of 37.4% in 2024 [3][6].

Dividend Distribution - The company plans to distribute a cash dividend of 0.49991 CNY per share, totaling 208,159,508.54 CNY, which represents 41.80% of the net profit attributable to shareholders for the year 2023[5]. - The company will not repeat profit distribution at the end of 2023, considering its rapid growth and significant capital needs[5]. - The profit distribution policy emphasizes maintaining continuity and stability while considering the long-term interests of shareholders[186]. - The company’s cash dividend policy prioritizes cash dividends over stock dividends, ensuring reasonable returns for investors[186]. - The profit distribution proposal requires approval from the board and the supervisory board before being submitted to the shareholders' meeting[187]. - The board of directors must complete the dividend distribution within two months after the shareholders' meeting approval[187]. - The independent directors play a crucial role in reviewing and providing opinions on the profit distribution proposals[188]. - The company has not proposed a cash profit distribution plan for the current year despite having positive distributable profits, as it focuses on growth and funding needs[189]. Financial Performance - The company reported a total revenue of RMB 1.5 billion for the fiscal year 2023, representing a year-over-year increase of 15%[12]. - The company's operating revenue for 2023 was CNY 5.37 billion, a decrease of 3.14% compared to CNY 5.54 billion in 2022[20]. - Net profit attributable to shareholders was CNY 498 million, down 31.46% from CNY 727 million in the previous year[20]. - The net profit after deducting non-recurring gains and losses was CNY 385 million, a decline of 42.39% from CNY 668 million in 2022[20]. - The company achieved a net cash flow from operating activities of CNY 948 million, an increase of 78.47% compared to CNY 531 million in 2022[20]. - The gross margin improved to 40%, up from 35% in the previous year, reflecting better operational efficiency[12]. - The basic earnings per share decreased to CNY 1.20, down 32.20% from CNY 1.77 in 2022[21]. - The weighted average return on equity fell to 9.41%, a decrease of 7.24 percentage points from 16.65% in 2022[21]. Research and Development - The company is investing RMB 200 million in R&D for new technologies, focusing on AI and IoT integration[12]. - R&D expenses accounted for 23.88% of operating revenue, an increase of 2.50 percentage points from 21.38% in 2022[21]. - The company invested 12.83 billion RMB in R&D in 2023, an increase of 0.97 billion RMB compared to 2022, with R&D personnel increasing by 99 to a total of 1,579[33][35]. - The company has developed 11 key core technologies, including full-format video and audio decoding, positioning it as a leader in the SoC chip design industry[50][51]. - The company has established a comprehensive technology innovation system with strong R&D capabilities, leading to advanced core technologies in various areas such as video and audio decoding, digital TV demodulation, and low-power technologies[96]. Market Expansion and Strategy - The company is currently in a growth phase and is expanding its operational scale[5]. - Market expansion plans include entering three new international markets by Q3 2024, aiming for a 10% market share in each[12]. - The company is focusing on expanding its global market presence and enhancing brand promotion to drive sustainable growth[36]. - The company is actively pursuing growth opportunities in both domestic and international markets[160]. - The company aims to strengthen cooperation with existing manufacturers and expand into new markets and applications to increase market share[142]. Corporate Governance - The board of directors and supervisory board members have confirmed the accuracy and completeness of the annual report[2]. - The company has completed the restructuring of its board and committees to ensure effective governance and protect shareholder interests[144]. - The company has established a strict quality management system in accordance with international semiconductor standards, resulting in high product quality and customer trust[97]. - The company has implemented a long-term mechanism to prevent conflicts of interest with controlling shareholders and their affiliates[150]. - The company has maintained compliance with information disclosure regulations, with no recorded violations or penalties during the reporting period[150]. Risks and Challenges - The company has outlined various risks and countermeasures in its management discussion and analysis section[3]. - The company faces risks related to technology upgrades and product iteration, which could impact its market competitiveness if it fails to adapt quickly[99]. - There is a risk of R&D failure, as the company must continuously innovate to meet market demands and maintain its competitive edge[99]. - The company is exposed to financial risks, including inventory devaluation and declining turnover rates, which could arise from inaccurate market demand predictions[102]. - The company faces market risks related to exchange rate fluctuations and has implemented measures to mitigate these risks through structured hedging strategies[133]. Employee and Talent Management - The company has implemented four rounds of equity incentive plans to attract and retain talent, reinforcing its commitment to human resource development[35]. - The company has established a systematic training program for employees, combining internal and external training methods[186]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 12,010,100 RMB[162]. - The company has a total of 21 employees with doctoral degrees and 769 with master's degrees, indicating a highly educated workforce[183]. - The average salary for R&D personnel has risen to CNY 59.57 thousand, compared to CNY 55.16 thousand in the prior period[94]. Product Development and Innovation - New product launches include a next-generation smart home device, expected to contribute an additional RMB 300 million in revenue[12]. - The company successfully launched several new products, including Wi-Fi chips with cumulative sales exceeding 16 million units and 8K ultra-high-definition SoC chips entering mass production[34][33]. - The company plans to continue launching new smart T series products in 2024, further expanding its product offerings[43]. - The company is focused on expanding its market presence through strategic partnerships and investments in technology[160]. - The company is committed to innovation and is investing in research and development for new product offerings[153].