3PEAK(SH:688536) Guoxin Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" [46][49]. Core Insights - The company reported a revenue of 1.094 billion yuan in 2023, a year-on-year decrease of 38.68%, and a net profit attributable to shareholders of -35 million yuan, reflecting a year-on-year decline of 113% [11]. - The company plans to acquire 100% of Chuangxinwei, enhancing its product offerings and market position [11]. - The embedded processor product line has achieved a breakthrough, with 26 products launched in the TPS32 mixed-signal microcontroller family [11]. - The company has successfully launched over 110 automotive-grade products, indicating strong progress in this segment [11]. - The revenue forecast for 2024-2026 is 2.13 billion yuan, 3.31 billion yuan, and 4.85 billion yuan respectively, with corresponding PE ratios of 64, 41, and 28 times [11]. Financial Performance Summary - In 2023, the company's revenue was 1.094 billion yuan, down from 1.783 billion yuan in 2022, with a growth rate of -38.7% [47]. - The net profit for 2023 was -35 million yuan, compared to 267 million yuan in 2022, marking a significant decline of 113% [47]. - The gross margin decreased to 51.79%, down 6.8 percentage points from the previous year, due to price competition and changes in product mix [11]. - R&D expenses decreased by 15% to 554 million yuan, while the R&D expense ratio increased to 50.69% [11]. - The company’s cash and cash equivalents decreased from 2.134 billion yuan in 2022 to 1.490 billion yuan in 2023 [20]. Product Line and Market Position - The signal chain chip revenue was 869 million yuan, accounting for 79% of total revenue, with a gross margin of 54.28% [11]. - The power management chip revenue was 218 million yuan, representing 20% of total revenue, with a gross margin of 42.28% [11]. - The company is focusing on diversifying its product categories and models to enhance competitiveness [11].