GUOXIN MICRO(SZ:002049) Minsheng Securities·2024-04-19 02:30Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2][3]. Core Insights - In 2023, the company achieved a revenue of 7.565 billion yuan, representing a year-over-year increase of 6.26%. However, the net profit attributable to shareholders decreased by 3.84% to 2.531 billion yuan [1][2]. - The special integrated circuit business remained stable, with a revenue of 4.488 billion yuan, down 5.02% year-over-year, while maintaining a gross margin of 73.22% [2]. - The smart security chip segment saw significant growth, with revenue increasing by 36.67% to 2.842 billion yuan, reflecting strong demand in the telecom and financial payment sectors [2]. Financial Performance Summary - The company's total revenue for 2023 was 75.65 billion yuan, with a net profit of 25.31 billion yuan [1]. - The fourth quarter of 2023 showed a revenue of 19.23 billion yuan, a decrease of 11.94% year-over-year, but a slight increase of 0.79% quarter-over-quarter [1]. - The forecast for net profit for 2024, 2025, and 2026 is projected to be 2.698 billion yuan, 3.579 billion yuan, and 4.701 billion yuan, respectively, with corresponding price-to-earnings ratios of 19, 14, and 11 times [2][3].