Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7]. Core Views - The company is expected to achieve a revenue of 4.394 billion yuan in 2023, representing a year-on-year growth of approximately 19.50%. The net profit attributable to shareholders is projected to grow by 1.01% to 9.15% compared to the previous year [2]. - Despite a slowdown in global economic growth affecting smartphone demand in the first half of 2023, the second half saw a recovery driven by holiday consumption and improved inventory structures among clients [2]. - The company has focused on building its own filter production lines, accelerating product iteration to meet diverse customer needs, and expanding market coverage for RF filter module products [2][3]. Summary by Sections Revenue and Profit Growth - The company reported a revenue of 4.394 billion yuan for 2023, with a growth rate of 19.48% expected for 2024 and 17.99% for 2025 [8]. - The net profit attributable to shareholders is forecasted to be 1.150 billion yuan in 2023, with growth rates of 7.57% and 19.19% for the following years [8]. Market Dynamics - The RF chip market is recovering, with inventory pressures easing in the second half of 2023 due to increased demand from domestic smartphone sales [3]. - The company has successfully established a 6-inch filter intelligent production line, enabling mass production capabilities and addressing technical challenges in filter production [3]. Product Development - The company has made significant progress in developing high-end RF filter modules, which are now entering a phase of increased delivery and market penetration [3]. - The successful development of the L-FEMiD product enhances the company's product coverage in the high-end module segment [3]. Financial Projections - The adjusted revenue forecasts for 2023, 2024, and 2025 are 4.394 billion yuan, 5.304 billion yuan, and 6.258 billion yuan, respectively [7]. - The expected earnings per share (EPS) for the same years are 2.15 yuan, 2.57 yuan, and 3.01 yuan, with corresponding price-to-earnings (P/E) ratios of 45, 38, and 33 times [7][8].
动态点评：营收利润同比增长，射频模组放量打开成长空间