23年报点评：新能源景气度拖累增长，长期看好SiC、模拟IC放量

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in 2023 was slightly below expectations due to significant depreciation and R&D investments impacting profit. The total revenue for 2023 was 5.324 billion yuan, a year-on-year increase of 16%, while the net profit attributable to shareholders was -1.958 billion yuan, a year-on-year decrease of 80% [2][3] - The downturn in the new energy market has affected the growth of silicon-based business, but there is a long-term positive outlook for module packaging and analog IC expansion. In 2023, the automotive and industrial control sectors contributed 76% of the company's main business revenue [3] - The company is the domestic leader in SiC MOS shipments, with expected revenue from silicon carbide business to exceed 1 billion yuan in 2024. The 6-inch SiC MOS production line has achieved a monthly output of over 5,000 pieces, and plans are in place to establish the first domestic 8-inch SiC MOS experimental line [3] Summary by Relevant Sections Financial Performance - In 2023, the company achieved total revenue of 5.324 billion yuan, with a year-on-year growth of 16%. The net profit attributable to shareholders was -1.958 billion yuan, reflecting a year-on-year decline of 80% [2][3] - For 2024-2026, the projected revenues are 6.410 billion yuan, 7.774 billion yuan, and 9.797 billion yuan respectively, with growth rates of 20.38%, 21.29%, and 26.01% [2][3] Production Capacity and Market Position - The company has completed the design capacity for 12-inch wafers and is in the ramp-up phase for IGBT, SJ, HVIC, and BCD platforms. The 8-inch silicon wafer foundry line maintained an annual capacity utilization rate of over 80% [3] - The company has established partnerships with major new energy vehicle manufacturers, which is expected to drive growth in the silicon carbide business [3] Valuation Metrics - The current market capitalization corresponds to price-to-sales ratios of 5.3, 4.4, and 3.5 for the years 2024, 2025, and 2026 respectively [3]