Q4业绩明显改善，L-PAMiD模组放量

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a total revenue of 2.982 billion RMB in 2023, representing a year-on-year growth of 30.32%, and a net profit attributable to shareholders of 105 million RMB, up 95.93% year-on-year [2] - In Q4 2023, the company reported revenue of 1.371 billion RMB, a significant increase of 168.82% year-on-year and 90.42% quarter-on-quarter, with a net profit of approximately 118 million RMB, reflecting a year-on-year growth of 3050% and a quarter-on-quarter growth of 103.45% [2] - The company is continuously enhancing its RF front-end product line and actively expanding into diverse business areas, benefiting from the large-scale production of the high-integration module L-PAMiD and significant growth in Wi-Fi product sales [2] - The company has successfully introduced several new products, including LNA Bank, L-FEM, Wi-Fi modules, and L-PAMiD, which are characterized by high integration and advanced technology [2] - The revenue from 5G products has steadily increased, now accounting for over 50% of the company's PA product revenue, driving overall performance growth [2] Summary by Relevant Sections Financial Performance - The company forecasts net profits for 2023, 2024, and 2025 to be 105 million RMB, 347 million RMB, and 548 million RMB, respectively, with growth rates of +95.93%, +231.79%, and +57.75% [2] - The current price corresponds to a PE valuation of 227, 68, and 43 times for the years 2023, 2024, and 2025, respectively [2] Product Development - The company is focusing on technological breakthroughs in various RF front-end products, including Wi-Fi 6E/7 modules and receiver modules, to provide diverse growth drivers [2] - The high-integration L-PAMiD module business is expected to continue its momentum, supported by the company's customer base and technological advantages [2]