行业去库接近尾声，公司盈利能力持续修复

Investment Rating - The investment rating for the company is "Accumulate" [1] - The previous rating was also "Accumulate" [1] - The market price is RMB 14.08 [1] Core Views - The company's revenue for Q4 2023 reached RMB 383 million, showing a quarter-on-quarter increase of 18% and a year-on-year increase of 50% [4] - The gross margin improved to 20.2%, with a quarter-on-quarter increase of 1.8 percentage points and a year-on-year increase of 8.5 percentage points [4] - The company achieved a net profit of approximately RMB 38 million in Q4 2023, a quarter-on-quarter increase of 35% and a return to profitability year-on-year [4] - The overall demand for consumer electronics improved in the second half of 2023, contributing to a significant performance increase for the company [4] - The global inventory destocking cycle for display driver chips is nearing its end, with expectations for a return to healthy inventory levels by Q2 2024 [4] Financial Summary - The company’s total revenue for 2023 is projected at RMB 1.209 billion, reflecting a year-on-year growth of 0.9% [5] - The net profit for 2023 is estimated at RMB 113 million, a decrease of 12.9% year-on-year [5] - The earnings per share (EPS) for 2023 is expected to be RMB 0.28, with a downward adjustment of 24.3% from previous forecasts [5] - The projected PE ratios for 2023, 2024, and 2025 are 51.0, 34.7, and 26.4 respectively [5] - The company’s market capitalization is approximately RMB 5.759 billion [3]