Hefei Chipmore Technology (SH:688352) China Post Securities·2024-02-20 16:00Investment Rating - The report maintains a "Buy" rating for the company [20][24]. Core Insights - The company reported significant year-on-year growth in Q4, with a revenue increase of 43.58% and a net profit increase of 122.23% compared to the same quarter last year [22]. - The total assets of the company reached 71.58 billion yuan, a year-on-year increase of 48.41%, driven by the successful IPO and increased customer demand [22]. - The company is actively expanding its non-display packaging and testing business, which is seen as a key area for future growth [23]. Financial Summary - The company achieved a revenue of 1,629 million yuan in 2023, representing a year-on-year growth of 23.71% [24]. - The net profit attributable to the parent company for 2023 was 370 million yuan, up 22.10% from the previous year [24]. - The projected revenues for 2024 and 2025 are 1,980 million yuan and 2,382 million yuan, respectively, with corresponding net profits of 500 million yuan and 593 million yuan [24]. Market Position and Trends - The global display driver chip market is expected to see a balanced supply-demand situation in 2024, with potential shortages in the Chinese smartphone OLED DDIC market in the second half of the year [22]. - The company is well-positioned in the non-display chip packaging sector, with a focus on advanced packaging technologies and expanding production capacity [23]. Growth Projections - The company anticipates continued growth in its OLED business, with a significant increase in AMOLED smartphone panel shipments expected in 2024 [23]. - The revenue from non-display business is projected to grow significantly, contributing to the overall revenue increase [23].