Yuanjie Semiconductor Technology (688498) KAIYUAN SECURITIES·2024-02-04 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [22] Core Views - The company is expected to face a significant decline in net profit for 2023, with estimates ranging from 18 million to 26 million yuan, representing a year-on-year decrease of 74.08% to 82.06% [22] - The decline in performance is primarily attributed to the downturn in the telecommunications market and the overall industry demand [22] - Despite the current challenges, the company is expected to achieve a turnaround in performance through increased R&D investment, capacity expansion, and market development [22] Financial Summary - The company's revenue for 2023 is projected to be 122 million yuan, a decrease of 56.9% year-on-year [5] - The net profit attributable to the parent company is expected to be 25 million yuan for 2023, down 74.9% from the previous year [5] - The gross margin is forecasted to drop to 41.0% in 2023, compared to 61.9% in 2022 [5] - The company plans to repurchase shares worth between 50 million and 100 million yuan to demonstrate confidence in its long-term development [2] - R&D investments are being increased, with ongoing projects aimed at developing high-power silicon photonic lasers and EML lasers, which are expected to provide new growth momentum [3]