2023年年报点评：AI弹性凸显，开启业绩高速增长

Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company achieved a revenue of 8.938 billion yuan in 2023, representing a year-on-year growth of 7.23%. The net profit attributable to shareholders reached 1.513 billion yuan, up 11.09% year-on-year [1][2]. - The fourth quarter of 2023 saw significant growth, with revenue of 2.856 billion yuan, a year-on-year increase of 11.02% and a quarter-on-quarter increase of 23.16%. The net profit for the same quarter was 560 million yuan, reflecting a year-on-year growth of 27.16% [1]. - The company's gross margin for 2023 reached 31.17%, an increase of 0.89 percentage points year-on-year, with the fourth quarter gross margin hitting a record high of 32.44% [1]. - The enterprise communication board business generated revenue of 5.87 billion yuan, accounting for 65.67% of total revenue, with a gross margin of 34.51% [1]. - The automotive board segment reported revenue of 2.158 billion yuan, a year-on-year increase of 13.74%, with a gross margin of 25.65% [1]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 89.38 billion yuan and a net profit of 15.13 billion yuan, with a gross margin of 31.17% [1][2]. - The forecast for 2024 estimates revenue to reach 12.074 billion yuan, with a net profit of 2.255 billion yuan, indicating a growth rate of 35.1% for revenue and 49.1% for net profit [2][5]. Business Segments - The enterprise communication board segment is benefiting from the growing demand for AI servers and high-speed networks, with a notable increase in revenue contribution from AI-related products [1]. - The automotive board segment is experiencing a structural upgrade, with new high-end products contributing to revenue growth and margin improvement [1]. Investment Outlook - The report suggests that the company is entering a period of rapid growth driven by strong demand in AI and automotive sectors, with profit forecasts for 2024, 2025, and 2026 set at 2.255 billion yuan, 2.884 billion yuan, and 3.204 billion yuan respectively [1][2].