跟踪报告之五：订单逐步复苏，产品放量贡献增量

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is experiencing a gradual recovery in orders, particularly in the smart home appliance and mobile phone sectors, with high inventory levels expected to be gradually digested [1] - The company reported a significant decline in sales for AMOLED display driver chips in 2023, with a drop of over 30%, while other product lines saw relatively smaller declines [1] - The overall chip industry is anticipated to witness a demand recovery as terminal manufacturers' chip inventory cycles come to an end [1] - The company’s 2023 revenue was 1.3 billion yuan, a year-on-year decrease of 18.83%, and the net profit attributable to shareholders was 186 million yuan, down 42.32% year-on-year [3][12] - The company emphasizes R&D investment, with R&D expenses amounting to 318 million yuan in 2023, representing 24.5% of revenue [4] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.3 billion yuan, down 18.83% year-on-year, and a net profit of 186 million yuan, down 42.32% year-on-year [3][12] - The company’s gross margin for 2023 was 35.62%, a decrease of 10.15 percentage points year-on-year [12] - The company’s Q4 2023 revenue was 378 million yuan, showing a year-on-year increase of 9.19% and a quarter-on-quarter increase of 28.57% [12] Product Development and Market Position - The company has focused on product development, launching its first automotive-grade MCU and completing the development of a WiFi/BLE Combo MCU, which will be promoted in 2024 [4] - The company’s MCU sales in the industrial and robotics sectors have expanded, and it has sold nearly 10 million units of variable frequency home appliance ICs in 2023 [4] - The company is positioned at the forefront of the MCU, lithium battery management, and AMOLED sectors, with expectations for revenue and profit growth driven by downstream demand recovery and new product launches [13] Inventory and Supply Chain Management - As of the end of 2023, the company’s inventory stood at 710 million yuan, an increase of 153 million yuan from the end of 2022, but showing signs of decline compared to Q3 2023 [1] - The company’s supply chain management strategy is expected to further reduce inventory levels in 2024 [1]