射频龙头业绩谷底持续回升，符合预期

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [3]. Core Insights - The company has shown a significant recovery in performance, with a 20% increase in revenue and a 9% increase in net profit for 2023. The fourth quarter of 2023 saw a remarkable 97% growth in revenue and a 313% increase in net profit, reflecting improved market conditions and increased sales of RF module products [3]. - The company is positioned as a leader in the domestic RF chip sector, benefiting from the recovery in smartphone sales in China. The production of new products is expected to enhance its competitive edge and shift its product structure towards RF modules [3]. - Future earnings projections indicate a net profit of 16.6 billion RMB and 21.1 billion RMB for 2024 and 2025, respectively, with year-over-year growth rates of 42% and 28% [3]. Financial Summary - For 2023, the company reported a revenue of 4.38 billion RMB, a year-over-year increase of 19.1%, and a net profit of 1.165 billion RMB, reflecting a 9% increase [5]. - The earnings per share (EPS) for 2023 is projected at 2.18 RMB, with forecasts of 3.10 RMB and 3.96 RMB for 2024 and 2025, respectively [5]. - The price-to-earnings (P/E) ratios for 2024 and 2025 are estimated at 33 and 26, respectively, indicating a favorable valuation compared to historical performance [5].