2023年收入同比增长8%，光储充产品翻倍增长

Investment Rating - The report maintains a "Buy" rating for the company [18][29]. Core Insights - The company achieved a revenue of 780 million yuan in 2023, reflecting a year-on-year growth of 8.45%, while the net profit attributable to the parent company decreased by 33.80% to 59 million yuan [18][26]. - The gross margin declined by 3.2 percentage points to 37.94% due to price pressures, with R&D expenses increasing by 11.63% to 211 million yuan, raising the R&D expense ratio by 0.8 percentage points to 27.05% [18][26]. - The company saw significant growth in its household appliance chip segment, with revenue increasing by 28.87% to 483 million yuan, accounting for 62% of total revenue [18][26]. - The "light storage and charging" product line experienced a remarkable growth of 108.33% in revenue, driven by successful R&D and sales promotion efforts [18][25]. Financial Forecast and Valuation - The forecast for net profit attributable to the parent company is adjusted to 151 million yuan for 2024 and 230 million yuan for 2025, with an expected net profit of 279 million yuan for 2026 [18][26]. - The projected P/E ratios for 2024, 2025, and 2026 are 26, 17, and 14 respectively, based on the stock price as of April 12, 2024 [18][26].