业绩逐步修复，看好公司IC载板布局

Investment Rating - The report maintains a "Recommended" rating for the company [2][7] Core Views - The company is gradually recovering its performance, particularly in the IC substrate layout, with a revenue of 13.526 billion yuan in 2023, down 3.33% year-on-year, and a net profit of 1.398 billion yuan, down 14.81% year-on-year [4][5] - The fourth quarter of 2023 showed signs of recovery, with revenue reaching 4.065 billion yuan, an increase of 15.91% year-on-year, and a net profit of 490 million yuan, up 6.73% year-on-year [5][7] - The company is positioned as a domestic leader in IC substrates, benefiting from domestic substitution opportunities and advancements in technology, particularly in high-performance packaging substrates [7] Financial Summary - In 2023, the company's total revenue was 135.26 billion yuan, with a gross margin of 23.43% and a net margin of 10.33% [5][6] - The PCB business generated 80.73 billion yuan in revenue, accounting for 59.68% of total revenue, while the IC substrate business contributed 23.06 billion yuan, representing 17.05% of total revenue [5][6] - The company expects a revenue increase to 16.016 billion yuan in 2024, with a projected net profit of 1.775 billion yuan, reflecting a year-on-year growth of 27% [6][10] Business Segments - PCB business revenue decreased by 8.52% year-on-year, while the electronic assembly business saw a growth of 21.50% year-on-year [5][7] - The company has made significant progress in R&D, with 95 new patents granted and advancements in various PCB technologies [5][7] Market Outlook - The demand for high-performance packaging substrates is expected to grow significantly, with the total market value projected to reach 19.549 billion USD by 2025, growing at a compound annual growth rate of 13.92% from 2020 to 2025 [7] - The company is well-positioned to benefit from the ongoing domestic substitution trend in the IC substrate market, which currently has a market share of less than 5% in mainland China [7]