业绩逐季修复，新品驱动第二成长曲线

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating an expected price increase of over 15% relative to the benchmark index within 6-12 months [3][29]. Core Views - The company is experiencing a gradual recovery in performance, driven by new product launches and a rebound in downstream demand, suggesting a potential second growth curve [2][16]. - The semiconductor industry faced challenges in 2023, but the company has shown significant improvement in Q4 2023 and is expected to continue this trend into 2024 [2][24]. - The company maintains a strong focus on R&D, which is expected to support long-term growth and product innovation [2][22]. Summary by Sections Company Overview - The company, known as a leader in multimedia SoC chips, has a strong market position in various applications including smart set-top boxes and smart TVs [8][12]. - It has established a global customer network and is recognized for its technological innovation and market share [8][12]. Financial Performance - In 2023, the company reported revenues of 5.371 billion yuan, a decrease of 3.14% year-on-year, and a net profit of 498 million yuan, down 31.46% year-on-year [2][5]. - Q4 2023 showed a revenue increase of 32.17% year-on-year, with net profit soaring by 296.79% [2][16]. - For Q1 2024, the company anticipates revenues of approximately 1.378 billion yuan, representing a year-on-year growth of about 33.12% [2][24]. Future Outlook - The company is expected to achieve net profits of 760 million yuan, 1.066 billion yuan, and 1.394 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 52.7%, 40.2%, and 30.8% [3][5]. - The introduction of new products, including 6nm chips and Wi-Fi solutions, is anticipated to contribute to revenue growth [2][24]. R&D and Competitive Advantage - The company has a robust R&D team, with 85.63% of its workforce dedicated to research and development, which is crucial for maintaining its competitive edge in the semiconductor industry [22][25]. - The company has developed significant technological barriers, making it difficult for new entrants to compete effectively [24][25].