23Q4净利同比大增，出货量份额持续提升

Investment Rating - The investment rating for the company is upgraded to "Buy" [4][29]. Core Insights - The company reported a significant increase in net profit in Q4 2023, with a year-on-year growth of 242.95%, and a revenue of 383 million yuan, up 49.92% year-on-year. The overall revenue for 2023 was 1.209 billion yuan, a slight increase of 0.88% year-on-year, while the net profit decreased by 12.94% to 113 million yuan [6][29]. - The company is focusing on technological innovation and product development to meet diverse customer needs, which has led to a notable increase in TDDI product shipments, growing by 60% year-on-year in H1 2023 [6][18]. - The global display driver IC (DDIC) market is expected to recover gradually, with a balanced supply-demand situation anticipated in 2024, particularly for AMOLED DDICs, which are projected to contribute to the company's revenue in 2024 [6][18]. Financial Performance Summary - In Q4 2023, the company achieved a gross margin of 20.21%, an increase of 8.47% year-on-year. The annual gross profit was 115 million yuan, down 11.16% year-on-year [6]. - The company expects revenues of 1.573 billion yuan and 1.897 billion yuan for 2024 and 2025, respectively, with corresponding net profits of 171.97 million yuan and 233.48 million yuan [30][31]. - The company's earnings per share (EPS) are projected to be 0.42 yuan in 2024 and 0.57 yuan in 2025, with price-to-earnings (P/E) ratios of 32.23 and 23.74, respectively [30][31].