Lontium(SH:688486) Minsheng Securities·2024-03-30 16:00Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Insights - In 2023, the company achieved total revenue of 323 million yuan, representing a year-over-year increase of 34.12%. The net profit attributable to shareholders was 103 million yuan, up 48.39% year-over-year [1]. - The company has a strong technological lead, with Q4 revenue reaching a new high of 101 million yuan, reflecting a year-over-year growth of 48.01% and a quarter-over-quarter increase of 14.59% [1]. - The company is actively advancing its product development, with new products such as 4K/8K ultra-high-definition bridging chips entering mass production to meet market demands [2]. - The automotive sector is being cultivated as a new growth area, with several high-definition bridging chips successfully integrated into vehicle systems, and the car-mounted SerDes chip group entering the verification phase [2]. Financial Forecasts - The company is projected to achieve net profits of 145 million yuan, 217 million yuan, and 340 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 41, 28, and 18 times [3][4]. - The gross profit margin for 2023 was reported at 54.44%, with a slight quarter-over-quarter decrease of 0.22 percentage points [1]. - The company is expected to maintain strong revenue growth rates of 38.90%, 59.75%, and 51.20% for the years 2024, 2025, and 2026, respectively [4][9].