JoulWatt(SH:688141) Huachuang Securities·2024-03-02 16:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of outperforming the benchmark index by 10% to 20% over the next six months [8][38]. Core Views - The company is experiencing short-term performance pressure due to weak terminal demand and inventory destocking by customers, but market expansion and new product launches are expected to gradually improve performance [24][38]. - The semiconductor industry is showing signs of recovery, with domestic analog chip manufacturers poised for growth as the industry cycle improves and domestic substitution accelerates [24][38]. - The company has established a virtual IDM model, enhancing its technological barriers and expanding into communication computing and automotive electronics, which are expected to drive future growth [24][38]. Financial Summary - In 2023, the company's revenue decreased by 8.03% to 1.331 billion yuan, while the net profit attributable to the parent company was -535 million yuan, a decline of 490.26% [24][38]. - For Q4 2023, the company reported revenue of 327 million yuan, down 19.80% year-on-year and 7.99% quarter-on-quarter, with a net profit of -171 million yuan [24][38]. - The forecast for net profit attributable to the parent company for 2023-2025 has been adjusted to -535 million yuan, -191 million yuan, and 40 million yuan, respectively, with corresponding EPS of -1.20, -0.43, and 0.09 yuan [24][38].