Novosense(SH:688052) Great Wall Securities·2024-02-27 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company achieved a turnaround in net profit in Q4 2023, with three new product lines expected to contribute to revenue growth [2][4] - The company is a leader in domestic automotive-grade analog chips, focusing on both organic growth and acquisitions to enhance its product matrix [5] Financial Summary - 2023 Financial Performance: The company reported a revenue of 1.31 billion yuan in 2023, a year-on-year decrease of 21.5%. The net profit attributable to shareholders was -236 million yuan, indicating a shift from profit to loss [2][10] - Quarterly Performance: In Q4 2023, the company recorded a revenue of 310 million yuan, a quarter-on-quarter increase of 11.94%, and a net profit of 15 million yuan, marking a return to profitability [2][4] - Revenue Breakdown: In Q3 2023, the revenue from the energy sector was 155 million yuan (55.9% of total), automotive sector 89 million yuan (32.1%), and consumer electronics 35 million yuan (12.6%) [3] Product Development - The company is advancing its three main product lines: signal chain, power management, and sensors, with new products expected to generate additional revenue in 2024 [4][5] - Specific developments include the production of safety isolation drivers for photovoltaic inverters and industrial motor drives, as well as new power management products that are set to launch in 2024 [4] Market Conditions - The automotive market is showing steady growth, while the consumer electronics sector is gradually recovering, with inventory levels returning to reasonable levels [3]