盈利能力逐季改善，稳固行业领先地位

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company's profitability is improving quarter by quarter, solidifying its leading position in the industry [7]. - The company reported a revenue of 174.54 billion yuan for 2023, a year-on-year decrease of 2.17%, and a net profit attributable to shareholders of 2.55 billion yuan, down 66.22% year-on-year [7]. - The company forecasts a net profit of 0.8 to 1.0 billion yuan for Q1 2024, with a non-recurring net profit of 0.46 to 0.66 billion yuan [7]. Summary by Sections Financial Performance - The company achieved a total revenue of 174.54 billion yuan in 2023, with a year-on-year decline of 2.17% [8]. - The net profit attributable to shareholders was 2.55 billion yuan, reflecting a significant year-on-year decrease of 66.22% [8]. - In Q4 2023, the company reported a revenue of 48.03 billion yuan, a year-on-year increase of 5.17%, and a net profit of 1.53 billion yuan, down 32.22% year-on-year [7]. Business Structure and Growth - The company continues to develop its "1+4+N" business structure, with display devices generating approximately 1470.53 billion yuan in revenue [7]. - The company maintains the largest global market share in LCD applications and has significantly increased its flexible OLED product shipments [7]. - The IoT innovation business generated 38.9 billion yuan in revenue, with smart terminal profits increasing by 105% year-on-year [7]. Market Position and Competitive Landscape - The company remains the global leader in LCD shipments and has optimized its product structure to focus on high-end flagship products [7]. - The exit and restructuring of Korean and Japanese panel manufacturers present integration opportunities for the company [7]. - The company has a flexible OLED market share of 16.4%, ranking second globally and first domestically [7]. Profit Forecast Adjustments - The profit forecasts for 2024 and 2025 have been adjusted to 4.55 billion yuan and 7.69 billion yuan, respectively, with a new forecast for 2026 at 9.66 billion yuan [7]. - The price-to-earnings ratios for 2024 to 2026 are projected at 35, 21, and 16 times, respectively [7].