高可靠IC占比维持高位，专用MCU期待反弹

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is expected to face short-term pressure on performance due to inventory destocking cycles, with a projected revenue of 3.536 billion yuan for 2023, a slight decrease of 0.07% year-on-year, and a net profit of 725 million yuan, down 32.69% year-on-year [5][6] - The company is increasing its R&D investment, with an expected R&D expense of approximately 1.011 billion yuan in 2023, a year-on-year increase of 37.42%, to enhance technology iteration and new product development [5][6] - The FPGA and high-reliability product lines are showing stable growth, with FPGA revenue reaching 910 million yuan in the first three quarters of 2023, a year-on-year increase of 51.67% [5][6] Summary by Sections Financial Performance - The company reported an expected revenue of 3.536 billion yuan for 2023, with a year-on-year growth rate of -0.07% [6] - The net profit attributable to the parent company is projected to be 725 million yuan, reflecting a decrease of 32.69% year-on-year [6] - The gross margin for the year is expected to be 61.29%, down 3.38% from the previous year [5][6] Future Projections - The projected net profits for 2023, 2024, and 2025 are 724.78 million yuan, 870.09 million yuan, and 1.139 billion yuan, respectively, indicating a recovery trend [6][7] - Revenue is expected to grow to 3.905 billion yuan in 2024 and 4.833 billion yuan in 2025, with growth rates of 10.43% and 23.76%, respectively [6][7] Market Position and Strategy - The company is focusing on expanding its product lines in high-reliability applications and is actively developing new FPGA platforms to meet the demands of data centers and other applications [5][6] - The MCU market is showing signs of recovery, with improved bidding conditions in the fourth quarter of 2023, particularly in automotive electronics and smart home appliances [5][6]