行业重压之下业绩良好，超强韧性迎布局良机

Investment Rating - The investment rating for the company is "Buy - B" [1] Core Views - Despite industry pressures, the company has demonstrated strong resilience, achieving a revenue of 7.565 billion yuan in 2023, a year-on-year increase of 6.26%, while the net profit attributable to shareholders decreased by 3.84% to 2.530 billion yuan [1] - The company has focused on its core business, optimizing resource allocation, and has initiated equity adjustments in its subsidiaries, which is expected to enhance management efficiency [1] - The company’s special integrated circuit business generated a revenue of 4.487 billion yuan, with a slight year-on-year decline of 5.02%, maintaining a gross margin of 73.22% [1] - R&D investment has increased by 30.68% year-on-year to 1.633 billion yuan, accounting for 21.58% of revenue, indicating a commitment to technological innovation [1] Financial Performance - The company’s revenue for 2023 was 7.565 billion yuan, with a net profit of 2.530 billion yuan, reflecting a decline in profitability but stable operational cash flow of 1.772 billion yuan [3][5] - Forecasted revenues for 2024, 2025, and 2026 are 10.145 billion yuan, 13.493 billion yuan, and 17.541 billion yuan respectively, with expected growth rates of 34.1%, 33%, and 30% [2][3] - The projected net profits for the same years are 3.232 billion yuan, 4.316 billion yuan, and 5.249 billion yuan, with corresponding growth rates of 27.7%, 33.5%, and 21.6% [2][3] Product Development and Market Position - The company has launched new industrial-grade and radiation-resistant product series, and has made significant progress in the development of special memory and dedicated processors [1] - The smart security chip business has seen a revenue increase of 36.67% year-on-year, reaching 2.842 billion yuan, indicating strong market demand [2] - The company has established a development and management process for automotive-grade products, achieving recognition in the automotive electronics market [1][2]