消电疲软导致公司业绩承压，关注AI、汽车等新布局

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company is experiencing short-term pressure on performance due to weak consumer electronics demand, with 2023 revenue at 32.066 billion yuan, a year-on-year decrease of 11.45%, and net profit at 3.287 billion yuan, down 34.41% year-on-year [1] - The company is focusing on new opportunities in AI and automotive sectors, with a significant increase in revenue from automotive and server products, which reached 539 million yuan, a year-on-year increase of 71.45% [1] - The company has upgraded its production capabilities for AI servers and is actively expanding its client base both domestically and internationally [1] Summary by Relevant Sections Financial Performance - In 2023, the company achieved revenue of 32.066 billion yuan, down 11.45% year-on-year, and net profit of 3.287 billion yuan, down 34.41% year-on-year [1][3] - The fourth quarter of 2023 saw a revenue of 11.610 billion yuan, a year-on-year increase of 1.67% and a quarter-on-quarter increase of 30.15% [1] - The company’s communication board business generated revenue of 23.513 billion yuan, up 3.70% year-on-year, while the consumer electronics and computer board business saw revenue drop to 7.975 billion yuan, down 39.59% year-on-year [1] Market Trends - Global smartphone shipments in 2023 are projected to be approximately 1.164 billion units, a decrease of 3.5% year-on-year, marking the lowest shipment volume in a decade [1] - The company is well-positioned to benefit from a recovery in consumer electronics demand, particularly with the integration of AI technologies into mobile devices [1] Future Projections - The company expects net profit to recover to 3.630 billion yuan in 2024, 4.017 billion yuan in 2025, and 4.577 billion yuan in 2026, with respective year-on-year growth rates of 10.4%, 10.6%, and 13.9% [1][3] - The projected price-to-earnings (PE) ratios for the next three years are 14x, 13x, and 11x, indicating a favorable valuation compared to current market conditions [1]