Lontium(SH:688486) East Money Securities·2024-04-09 16:00Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Views - The company achieved a record high in quarterly revenue and significant profit growth in 2023, benefiting from strong demand in the ultra-high-definition video industry and strategic expansion into automotive electronics [9][13]. - The company maintains a long-term high investment in R&D, which has created a competitive advantage and is expected to enhance market share in both domestic and international markets amid the trend of domestic substitution [9][13]. - The company has set ambitious revenue growth targets in its 2024 restricted stock incentive plan, indicating confidence in its future performance [13]. Financial Summary - In 2023, the company reported revenue of 3.23 billion yuan, a year-on-year increase of 34.12%, and a net profit attributable to the parent company of 1.03 billion yuan, up 48.39% [9][13]. - The projected revenue for 2024, 2025, and 2026 is 4.55 billion yuan, 7.29 billion yuan, and 10.92 billion yuan, respectively, with corresponding net profits of 1.23 billion yuan, 2.12 billion yuan, and 3.35 billion yuan [4][9]. - The company's EPS for the same years is expected to be 1.78 yuan, 3.07 yuan, and 4.83 yuan, with P/E ratios of 46, 27, and 17, respectively [4][9].