3PEAK(SH:688536) KAIYUAN SECURITIES·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [10][29]. Core Views - The company experienced a revenue decline in 2023, with total revenue of 1.094 billion yuan, down 38.68% year-on-year. However, Q4 2023 showed a recovery with a revenue of 280 million yuan, up 39.34% quarter-on-quarter [29]. - The company is focusing on a platform development strategy, with advancements in signal chain products, power management, and embedded processors, which are expected to drive future growth [14]. - The company is expanding its market presence in automotive, industrial control, communication, and new energy sectors, with significant product launches aimed at meeting the demands of smart automotive systems [15]. - The financial forecasts for 2024-2026 have been adjusted, with expected profits of 176 million yuan in 2024, 320 million yuan in 2025, and 491 million yuan in 2026, reflecting a gradual recovery as industry conditions improve [29]. Financial Summary - In 2023, the company reported a net profit of -35 million yuan, with a gross margin of 51.79%, down 6.82 percentage points year-on-year. The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.33 yuan, 2.42 yuan, and 3.70 yuan, respectively [29][30]. - The total market capitalization is 136.22 billion yuan, with a current stock price of 102.73 yuan, reflecting a P/E ratio of 77.5 for 2024, 42.5 for 2025, and 27.7 for 2026 [10][30].