业绩略超预期，股份回购彰显长期发展信心

Investment Rating - The report maintains an "Overweight" rating for the company [3][7] Core Views - The company is expected to experience a breakthrough in mass production in the automotive sector by 2024, particularly in automotive-grade chips, transitioning from small-scale trial production to mass production and gradually replacing non-core motor control chips with core ones [2] - The company is well-positioned to benefit from the humanoid robot trend due to its advanced BLDC motor control chip design capabilities, which are crucial for the energy-efficient, highly integrated systems required in humanoid robots [2] - In the home appliance sector, the company has established a comprehensive product matrix covering smart small appliances, kitchen appliances, personal care, and white goods, with a focus on high-margin products like white goods to drive stable growth [6] Financial Performance and Projections - The company reported 2023 revenue of 411 million yuan, a 27.37% year-over-year increase, and net profit of 175 million yuan, up 23.13% year-over-year [9] - For Q4 2023, revenue grew 44.94% year-over-year to 129 million yuan, with net profit surging 96.15% to 51 million yuan [9] - Revenue is projected to grow to 521 million yuan in 2024 and 655 million yuan in 2025, with net profit expected to reach 256 million yuan in 2024 and 324 million yuan in 2025 [7][11] - The company's 2024 P/E ratio is estimated at 34.4x, with EPS expected to grow from 1.89 yuan in 2023 to 2.77 yuan in 2024 and 3.50 yuan in 2025 [7][11] Market Position and Growth Drivers - The company's growth is driven by its increasing market share in home appliances and its penetration into the new energy vehicle market, with humanoid robots offering long-term growth potential [9] - The company's stock price as of February 23, 2024, was 95.29 yuan, with a market capitalization of 8.8 billion yuan and a free float of 59.68% [3] Share Repurchase - The company initiated a 12-month share repurchase plan in January 2024, repurchasing 20,000 shares by January 31, 2024, at an average price range of 82.99 to 85.57 yuan per share, totaling 1.68 million yuan [10]