公司事件点评报告：短期业绩承压，业务多线布局协调发展

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company's short-term performance is under pressure due to weak downstream market demand, with 2023 net profit expected to decrease by 73 15%-70 89% year-on-year [1] - The company is a leader in the EEPROM market and is diversifying its business across multiple product lines [1] - The company's 2023-2025 revenue is forecasted to be 707, 1039, and 1327 million yuan respectively, with EPS of 0 61, 2 09, and 2 98 yuan [2] Business Performance - The company's 2023 net profit is expected to be 95-103 million yuan, a year-on-year decrease of 73 15%-70 89% [1] - The company's 2023 non-GAAP net profit is expected to be 85-93 million yuan, a year-on-year decrease of 78 36%-76 32% [1] - The company's 2023 SPD product sales and revenue increased significantly in Q4 compared to the previous quarter [2] Product Lines - The company has three main product lines: EEPROM, voice coil motor driver chips, and smart card chips [1] - The company holds a 42 72% global market share in smartphone camera EEPROM products [1] - The company has developed a full range of automotive-grade EEPROM products and supplies to major automotive brands such as BYD, Tesla, and Porsche [1] - The company is collaborating with leading smartphone manufacturers to develop optical image stabilization (OIS) voice coil motor driver chips [1] - The company has extended its EEPROM technology to develop various smart card chip products [1] Financial Forecasts - The company's 2023-2025 revenue is forecasted to be 707, 1039, and 1327 million yuan respectively [2] - The company's 2023-2025 EPS is forecasted to be 0 61, 2 09, and 2 98 yuan respectively [2] - The company's 2023-2025 PE ratios are forecasted to be 58 4, 17 1, and 11 9 times respectively [2] Market Position - The company is a leader in the EEPROM market, with a significant market share in smartphone camera EEPROM products [1] - The company is a global supplier of voice coil motor driver chips and is developing advanced OIS technology [1] - The company has a strong position in the smart card chip market due to its cost-effective products [1]