收入业绩短期承压，产能扩建稳步推进

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's revenue performance is under short-term pressure, but capacity expansion is steadily progressing. The company reported a 11.39% year-on-year decline in revenue to RMB 3.19 billion and a 42.61% drop in net profit attributable to shareholders to RMB 187 million for 2023. The fourth quarter alone saw a revenue decrease of 20.32% year-on-year [3][5] - Despite the short-term challenges, the company is expected to benefit from industry recovery and its scale advantages in the future, maintaining the "Accumulate" rating [3][4] Summary by Relevant Sections Financial Performance - The company reported total revenue of RMB 3,190.30 million in 2023, down from RMB 3,600.36 million in 2022, reflecting a decline of 11.39% [5] - The gross profit margin for semiconductor wafers decreased by 6.30 percentage points to 15.54% in 2023, with specific declines in margins for 200mm and below wafers and 300mm wafers [3][4] - The company incurred an asset impairment loss of RMB 90 million in 2023, compared to RMB 35 million in the previous year [5] Capacity Expansion and R&D - The company is expanding its 300mm wafer production capacity, increasing from 300,000 to 450,000 wafers per month in 2023, with plans to reach 600,000 wafers per month by the end of 2024 [3][4] - R&D expenses increased to RMB 222.12 million in 2023, up from RMB 211.48 million in 2022, indicating a commitment to innovation despite short-term profitability pressures [5][6] Future Projections - The company expects revenue growth to resume in 2024, with projected earnings per share (EPS) of RMB 0.09, RMB 0.12, and RMB 0.15 for 2024, 2025, and 2026, respectively [4][8] - The price-to-earnings (P/E) ratios are projected to be 145.0, 105.1, and 83.6 for the years 2024, 2025, and 2026, respectively, reflecting adjustments due to industry conditions [4][8]