BPSemi(SH:688368) KAIYUAN SECURITIES·2024-04-19 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][34] Core Insights - The company's revenue for 2023 reached 1.303 billion yuan, a year-on-year increase of 20.74%. However, the net profit attributable to the parent company was -91 million yuan, an increase of 1.15 billion yuan year-on-year. The gross margin was 25.67%, up 8.09 percentage points year-on-year [5] - For Q4 2023, the company achieved a revenue of 387 million yuan, a year-on-year increase of 41.95% and a quarter-on-quarter increase of 28.8%. The net profit attributable to the parent company was -56 million yuan, a decrease of 51 million yuan year-on-year and a decrease of 1.11 million yuan quarter-on-quarter. The gross margin was 28.6%, an increase of 22.38 percentage points year-on-year and 4.65 percentage points quarter-on-quarter [5] - Due to short-term industry recovery being less than expected, the forecast for net profit attributable to the parent company for 2024-2025 has been revised down to 101 million yuan and 216 million yuan, respectively, with a new profit forecast for 2026 of 293 million yuan. The corresponding EPS is projected to be 1.61, 3.43, and 4.66 yuan for 2024, 2025, and 2026, respectively [5] - The current stock price corresponds to a PE ratio of 36.5, 17.1, and 12.6 times for the years 2024, 2025, and 2026, respectively. The company is expected to gradually recover as the cycle improves and various businesses develop steadily, indicating strong long-term investment value [5] Financial Summary - In 2023, the company achieved a revenue of 1.303 billion yuan, with a year-on-year growth of 20.7%. The net profit attributable to the parent company was -91 million yuan, showing a year-on-year increase of 55.7%. The gross margin was 25.7% [8] - The projected revenue for 2024 is 1.78 billion yuan, with a year-on-year growth of 36.6%. The net profit is expected to be 101 million yuan, reflecting a significant recovery [8] - The gross margin is projected to improve to 27.9% in 2024, with further increases expected in subsequent years [8] - The company has multiple business lines progressing simultaneously, and the synergy from the acquisition of subsidiaries is significant [6]