营收稳健增长，智能安全芯片不断突破

Investment Rating - The investment rating for the company is "Buy" based on its performance and growth potential [1]. Core Views - The company has achieved steady revenue growth, with total revenue reaching 75.65 billion yuan in 2023, a year-on-year increase of 6.3% [2]. - The net profit attributable to the parent company was 25.31 billion yuan, a decrease of 3.84% year-on-year, while the net profit excluding non-recurring items was 23.91 billion yuan, down 2.88% year-on-year [1]. - The company continues to expand its product lines, particularly in the smart security chip sector, which saw a revenue increase of 36.67% year-on-year, reaching 28.42 billion yuan [1]. Financial Performance - The company reported a total revenue of 75.65 billion yuan in 2023, with a year-on-year growth rate of 6.3% [2]. - The net profit attributable to the parent company for 2023 was 25.31 billion yuan, reflecting a decline of 3.84% compared to the previous year [2]. - The gross profit margin for 2023 was 61.2%, down from 63.8% in 2022 [2]. - The company’s R&D investment for 2023 was 16.33 billion yuan, representing a year-on-year increase of 30.68%, accounting for 21.58% of total revenue [1]. Product Development - The company has launched new products in various segments, including industrial-grade and radiation-resistant products in the special IC category, and has made significant progress in the development of new analog products [1]. - In the smart security chip segment, the company is actively expanding into the automotive electronics field and has partnered with Intel to develop the Strongbox solution [1]. - The company has successfully developed and mass-produced high-frequency products based on Q-MEMS technology [1]. Future Outlook - The company is expected to see net profits of 25.54 billion yuan, 29.14 billion yuan, and 34.05 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 20.21, 17.71, and 15.16 [1][2]. - The focus on core business development and continuous product line expansion is anticipated to further enhance profitability and support stable growth in the long term [1].