四季度业绩提速，盈利能力持续优化

Investment Rating - The report maintains an "Accumulate" rating for the company Haiguang Information (688041) [2] Core Views - The company achieved a revenue of 6.01 billion yuan in 2023, representing a year-on-year growth of 17.3%, and a net profit attributable to shareholders of 1.26 billion yuan, up 57.17% year-on-year [2][3] - The gross margin improved to 59.67%, an increase of 7.25 percentage points year-on-year, driven by enhanced profitability [2] - Significant investment in research and development, with R&D expenses increasing by 40.95% year-on-year [2] Financial Performance Summary - In Q4 2023, the company reported revenue of 2.069 billion yuan, a year-on-year increase of 58.52%, and a net profit of 362 million yuan, up 138.74% year-on-year [2] - The high-end processor business generated revenue of 6.012 billion yuan, reflecting a growth of 18.67% year-on-year [2] - The company’s operating cash flow for 2023 was 814 million yuan, an increase of 857 million yuan year-on-year, attributed to higher customer sales receipts and increased interest income [2] Earnings Forecast - The report adjusts the earnings forecast for the company, projecting net profits for 2024, 2025, and 2026 to be 1.831 billion yuan, 2.474 billion yuan, and 3.296 billion yuan respectively [3][4] - The gross margin is expected to remain stable, with projections of 60.1% for 2025 and 60.0% for 2026 [4] - The report anticipates a significant increase in earnings per share, forecasting 0.79 yuan for 2024 and 1.06 yuan for 2025 [4]