Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company has received approval for a private placement to raise up to 1.246 billion yuan, aimed at enhancing its embedded storage and high-end SSD capabilities [3]. - The funds will be allocated to the development and industrialization of PCIe SSD storage control chips and embedded storage control chips, which are expected to optimize product offerings and transition the company from mobile storage to embedded storage and high-end SSD markets [3]. - The company aims to achieve full coverage of flash memory control chips by 2025, with ongoing projects in various storage technologies [3]. - The company anticipates significant revenue growth, with Q1 2024 revenue projected between 800 million to 850 million yuan, representing a year-on-year increase of 164.92% to 181.48% [3]. - The company expects net profit for 2024 to reach 815 million yuan, with a projected PE ratio of 15 [4][6]. Financial Forecasts - Revenue is forecasted to grow from 1.776 billion yuan in 2024 to 5.964 billion yuan in 2026, with growth rates of 49.2%, 112.2%, 24.8%, and 26.8% respectively [4][6]. - Net profit is expected to increase significantly from 25 million yuan in 2023 to 815 million yuan in 2024, followed by 649 million yuan in 2025 and 764 million yuan in 2026 [4][6]. - The company’s gross margin is projected to improve from 16.66% in 2023 to 34.03% in 2024, before stabilizing around 25.15% in 2025 and 23.51% in 2026 [6][7].
事件点评：定增获受理，加码嵌入式存储及高端SSD