Sino Wealth(300327) 开源证券·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company experienced a high growth in Q4 2023, driven by the dual engines of smart home appliances and mobile phones [8] - Despite a temporary revenue pressure due to intense market competition and high inventory, the demand from downstream markets is gradually recovering, providing sufficient growth momentum from new product mass production [10][12] - The company has adjusted its profit forecasts for 2024 and 2025 downwards due to lower-than-expected downstream demand, while introducing a new forecast for 2026 [12] Financial Performance Summary - In 2023, the company achieved revenue of 1.3 billion yuan, a year-on-year decrease of 18.83%, and a net profit attributable to the parent company of 186 million yuan, down 42.32% [12] - For Q4 2023, the company reported revenue of 378 million yuan, a year-on-year increase of 9.19% and a quarter-on-quarter increase of 28.40% [12] - The gross profit margin for 2023 was 35.62%, down 10.15 percentage points year-on-year [12] - The company’s R&D expenses for 2023 were 318 million yuan, accounting for 24.5% of its revenue [9] Product and Market Insights - The company’s industrial control chips generated revenue of 1.012 billion yuan in 2023, accounting for 77.81% of total revenue, with a year-on-year decline of 14.06% [9] - The consumer electronics chips saw revenue of 286 million yuan, representing 21.98% of total revenue, with a year-on-year decline of 32.65% [9] - The company is set to launch several new products, including a car-grade MCU and a WiFi/BLE Combo MCU, which are expected to enhance growth [13] Future Projections - The company forecasts net profits of 253 million yuan, 361 million yuan, and 481 million yuan for 2024, 2025, and 2026 respectively [12] - The expected EPS for 2024, 2025, and 2026 is projected to be 0.74 yuan, 1.05 yuan, and 1.41 yuan respectively [12] - The current stock price corresponds to P/E ratios of 23.8, 16.7, and 12.5 for the years 2024, 2025, and 2026 respectively [12]