2023Q4业绩实现同比正增长，新产品有望助公司走出低谷期

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][7]. Core Views - The company achieved a year-on-year revenue growth of 9% in Q4 2023, marking its first quarterly revenue increase in 2023 despite facing challenges from industry price wars and high costs [7]. - The company’s total revenue for 2023 was 1.3 billion RMB, a decrease of 19% year-on-year, with a gross margin of 35.6%, down 10.2 percentage points [7]. - New product developments are expected to help the company recover from its low performance, with several new products either launched or in the pipeline [7]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 378 million RMB, a quarter-on-quarter increase of 28% and a year-on-year increase of 9% [7]. - The net profit for Q4 2023 was 87 million RMB, showing a quarter-on-quarter increase of 522% and a year-on-year increase of 600% [7]. - The company’s total chip sales reached 810 million units in 2023, a 14% year-on-year increase [7]. Revenue Breakdown - The revenue from industrial control ICs was 1.012 billion RMB, down 14% year-on-year, while revenue from consumer electronics ICs was 286 million RMB, down 33% year-on-year [7]. - The company faced significant pressure in the consumer electronics segment due to price wars and high procurement costs [7]. Product Development - The company launched its first automotive-grade MCU, which has passed AECQ100 certification, and is in the process of developing additional products for various markets [7]. - The resolution of previous product quality disputes with upstream suppliers allows the company to focus on growth without the burden of past issues [7]. Valuation - The estimated EPS for 2024, 2025, and 2026 is projected to be 0.62 RMB, 0.77 RMB, and 0.81 RMB respectively [7]. - As of April 3, 2024, the company's market capitalization was 7.2 billion RMB, corresponding to PE ratios of 34.0, 27.4, and 26.0 for the years 2024, 2025, and 2026 respectively [7].