Shanghai New Vision Microelectronics (SH:688593) China Post Securities·2024-03-02 16:00Investment Rating - The report maintains a "Buy" rating for the company [6][13]. Core Viewpoints - The company achieved a revenue of 480 million yuan in 2023, representing a year-on-year growth of 12.52%, despite facing significant pressure on profits due to market conditions [15][29]. - The company is optimistic about the demand recovery in the DDIC market, with expectations of a balanced supply-demand situation in 2024, particularly in the smartphone OLED DDIC segment [5][29]. - The company has a strong market position in the display driver IC (DDIC) sector, being one of the few in mainland China capable of providing both integrated and separated driver solutions for TFT-LCD and AMOLED technologies [5][29]. Financial Performance Summary - The company is projected to achieve revenues of 480 million yuan in 2023, 707 million yuan in 2024, and 1.017 billion yuan in 2025, with corresponding net profits of 27.36 million yuan, 78.82 million yuan, and 118.02 million yuan respectively [6][7]. - The revenue growth rates are expected to be 12.52% in 2023, 47.23% in 2024, and 43.73% in 2025 [7][8]. - The company's earnings per share (EPS) are projected to be 0.06 yuan in 2023, 0.17 yuan in 2024, and 0.26 yuan in 2025 [7][8]. Market Position and Trends - The company is positioned to benefit from the ongoing transition of the display industry, with a significant increase in market share expected as it expands its product offerings [5][29]. - The global display driver IC market is anticipated to recover gradually, with specific growth in demand for television, notebook, and smartphone DDICs projected at 5.3%, 8.6%, and 2.7% respectively in 2024 [5][29]. - The company has maintained strong partnerships with major panel manufacturers, which supports its growth trajectory in the display driver market [5][29].