CRM(SH:688396) Great Wall Securities·2024-03-13 16:00Investment Rating - The report maintains a rating of "Accumulate" for the company [2][8]. Core Views - The company is expected to benefit from the high demand in the new energy vehicle sector, with a significant increase in automotive and new energy business contributing to revenue growth [4][8]. - The company has experienced a decline in net profit for 2023, primarily due to increased R&D investments and the gradual rollout of new production lines [3][4]. - The company’s 12-inch production capacity is anticipated to enhance performance, with production lines in Chongqing and Shenzhen progressing as planned [3][4]. Financial Performance Summary - Revenue for 2023 is projected at 99.01 billion yuan, a decrease of 1.59% year-on-year, while net profit is expected to be 14.80 billion yuan, down 43.45% year-on-year [2][3]. - The company’s operating income for Q4 2023 is expected to be 2.371 billion yuan, a year-on-year decrease of 2.38% but a quarter-on-quarter increase of 52.30% in net profit [3][4]. - The company’s overall revenue growth is forecasted to recover in 2024, with expected revenues of 113.66 billion yuan, reflecting a growth rate of 14.8% [2][10]. Market Position and Growth Potential - The global electric vehicle market is projected to grow significantly, with a CAGR of approximately 17.80% from 2023 to 2030, indicating a favorable environment for the company’s automotive-grade products [4][8]. - The company has successfully introduced silicon carbide products to leading domestic automotive manufacturers, enhancing its market presence in the automotive electronics sector [4][8]. - As of January 2024, the company’s business in the broader new energy sector has reached a 39% share, indicating strong growth potential in this area [4][8].