四季度归母净利润创季度新高

Investment Rating - The investment rating for the company is "Buy" [4][26]. Core Views - The company achieved a revenue growth of 15.6% in 2023, with a total revenue of 887 million yuan and a net profit attributable to shareholders of 200 million yuan, reflecting a year-on-year increase of 36.87% [1][2]. - In Q4 2023, the company reported a revenue of 252 million yuan, a year-on-year increase of 65%, and a net profit of 81 million yuan, marking a significant turnaround from losses in the previous year [1]. - The recovery in the consumer electronics market, driven by increased demand for the company's products, is a key factor in the growth of both revenue and profit [1]. - The global smartphone shipment is expected to grow in 2024, with AI smartphones projected to account for nearly 15% of total shipments, benefiting the company as it supplies analog chips to mainstream Android brands [1]. - The company is well-positioned to capitalize on the growing market for electronic detonators, with its subsidiary recently listed on the New Third Board, indicating potential for expansion in this area [1]. Financial Summary - The company’s revenue is projected to reach 1.13 billion yuan in 2024, with a net profit forecast of 282 million yuan [2][22]. - The earnings per share (EPS) for 2023 is estimated at 1.50 yuan, with projections of 2.11 yuan for 2024 and 2.53 yuan for 2025 [2][22]. - The company’s price-to-earnings (P/E) ratio is expected to be 30.9x for 2023, decreasing to 21.9x in 2024 and 18.3x in 2025 [2][22].