景气度有望复苏，Mini LED持续推进

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but it suggests maintaining attention to the company due to its leading position in the LED chip manufacturing industry [6][7]. Core Insights - In 2023, the company achieved operating revenue of 2.481 billion yuan, a year-on-year increase of 22.30%, and a net profit attributable to shareholders of 121 million yuan, marking a turnaround from losses [2]. - The company's LED chip performance and capacity improved steadily, with a production capacity of 22.08 million pieces, up 8.13% year-on-year, and a production volume of 21.74 million pieces, up 8.37% year-on-year [2]. - The Mini LED industry in China is projected to grow significantly, with the market size nearing 20 billion yuan in 2023 and expected to reach 49 million units in shipments by 2026 [3]. - The company successfully completed a private placement, raising 1.082 billion yuan to fund the expansion of Mini/Micro LED chip production, which is anticipated to become a new profit growth point [3]. Financial Performance Summary - The company’s operating revenue for 2023 was 2.481 billion yuan, with a growth rate of 22.30% compared to 2022 [21]. - The gross profit margin for 2023 was 10.44%, an increase of 1.33 percentage points year-on-year [2]. - The net profit margin improved to 4.88%, up 8.01 percentage points year-on-year, with a period expense ratio of 6.09%, down 3.78 percentage points [2]. - Forecasted revenues for 2024, 2025, and 2026 are 2.819 billion yuan, 3.274 billion yuan, and 3.878 billion yuan, respectively, with corresponding growth rates of 13.64%, 16.12%, and 18.46% [7][21]. - The projected net profits for the same years are 159 million yuan, 224 million yuan, and 326 million yuan, with growth rates of 30.91%, 41.36%, and 45.49% [7][21].