新相微：显示驱动多产品开始放量

Investment Rating - Buy | Maintain [2] Core Views - The company is deeply involved in display driver chips, with continuous product upgrades and iterations [5] - The company's products support mainstream TFT-LCD and AMOLED display technologies, covering various resolutions from QQVGA to 4K/8K [5] - The company's products are suitable for a wide range of panel sizes, including smart wearables, mobile phones, industrial control displays, tablets, laptops, TVs, and automotive displays [5] - The company has increased its R&D investment, with R&D expenses reaching 42.3193 million yuan in the first three quarters, a year-on-year increase of 9.49%, accounting for 12.33% of the company's revenue [5] - The company's new generation AMOLED display driver chips use a 40nm high-voltage process, with unique algorithms that provide smooth transitions, low power consumption, and vivid colors, outperforming similar products [5] - The company's display driver chips for large-sized panels support a 120Hz high refresh rate and MiniLVDS frequency up to 465MHz, with a small chip area [5] - The company plans to continue focusing on advanced display chips, expanding its product categories in TFT-LCD, AMOLED display driver chips, display power management chips, and TCON chips, while accelerating the development and industrialization of new products such as Mini/Micro-LED and e-paper [5] Financial Projections - The company's revenue is expected to grow from 480 million yuan in 2023 to 1.917 billion yuan in 2026, with a CAGR of 85.38% [5] - The company's net profit attributable to the parent company is expected to grow from 27.54 million yuan in 2023 to 249.65 million yuan in 2026, with a CAGR of 144.84% [5] - The company's EPS is expected to grow from 0.06 yuan in 2023 to 0.54 yuan in 2026 [5] - The company's P/E ratio is expected to decrease from 334.23 in 2023 to 36.87 in 2026 [5] - The company's P/B ratio is expected to decrease from 5.77 in 2023 to 4.70 in 2026 [5] - The company's EV/EBITDA ratio is expected to decrease from 281.32 in 2023 to 23.47 in 2026 [5] Financial Ratios - The company's gross margin is expected to increase from 21.0% in 2023 to 27.3% in 2026 [6] - The company's net margin is expected to increase from 5.7% in 2023 to 13.0% in 2026 [6] - The company's ROE is expected to increase from 1.7% in 2023 to 12.7% in 2026 [6] - The company's ROIC is expected to increase from 1.0% in 2023 to 7.2% in 2026 [6] - The company's asset-liability ratio is expected to increase from 10.9% in 2023 to 51.8% in 2026 [6] - The company's current ratio is expected to decrease from 7.50 in 2023 to 2.12 in 2026 [6] - The company's accounts receivable turnover ratio is expected to increase from 5.82 in 2023 to 6.97 in 2026 [6] - The company's inventory turnover ratio is expected to increase from 2.30 in 2023 to 2.59 in 2026 [6] - The company's total asset turnover ratio is expected to increase from 0.38 in 2023 to 0.52 in 2026 [6]