NSIG(SH:688126) Guoxin Securities·2024-04-14 16:00Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company experienced an 11% decrease in revenue in 2023, with total revenue reaching 3.19 billion yuan, and a significant drop in net profit by 42.61% to 187 million yuan [1][2] - The company's 300mm semiconductor wafer production capacity has reached 450,000 pieces per month, with full production achieved in December 2023 [1] - The company is expanding its production capacity and aims to reach 600,000 pieces per month by the end of 2024 [1] - The company has signed a cooperation agreement to invest 9.1 billion yuan in a new production base for 300mm semiconductor wafers in Taiyuan [1] - The company is also expanding its 200mm specialty wafer production, with a total capacity exceeding 500,000 pieces per month [1] Financial Summary - In 2023, the company's revenue was 3.19 billion yuan, down 11.39% year-on-year, with a gross margin decrease of 6.3 percentage points to 16.46% [1][2] - The net profit for 2023 was 187 million yuan, a decrease of 42.61% year-on-year, and the non-recurring net profit was -166 million yuan, down 244% [1][2] - The company forecasts a net profit of 302 million yuan in 2024, 398 million yuan in 2025, and 489 million yuan in 2026 [2][15] - The price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 116x, 88x, and 72x respectively [1][2] Production Capacity and Expansion - The company has achieved full production output for its 300mm semiconductor wafers in December 2023, with a historical cumulative shipment of nearly 10 million pieces [1] - The company is also advancing its 200mm specialty wafer expansion project to strengthen its market position in high-end segments [1] - The company has established a trial production line for high-end silicon-based materials with a capacity of approximately 60,000 pieces per year [1]