保持高强度研发投入，业绩有望持续稳健增长

Investment Rating - Buy-A rating maintained with a 6-month target price of 88.7 RMB, compared to the current price of 59.78 RMB as of April 19, 2024 [1] Core Views - The company is expected to maintain robust growth due to high R&D investment and a diversified product portfolio [1][2] - Revenue for 2023 reached 7.565 billion RMB, a 6.26% YoY increase, with a gross margin of 61.19% [1] - Net profit for 2023 was 2.531 billion RMB, a slight decline of 3.84% YoY [1] Product Lines and R&D - The company operates three main product lines: integrated circuits (59.32% of revenue), smart card chips (37.57%), and quartz crystals (2.45%) [2] - R&D investment in 2023 was 1.633 billion RMB, a 30.68% YoY increase, accounting for 21.58% of revenue [2] - New product developments include industrial-grade and radiation-resistant products, as well as advancements in FPGA, memory, and analog products [2] Financial Performance and Projections - Revenue for 2024-2026 is projected to be 8.473 billion RMB, 9.575 billion RMB, and 10.532 billion RMB, respectively [6] - Net profit for 2024-2026 is expected to be 2.513 billion RMB, 3.175 billion RMB, and 3.786 billion RMB, respectively [6] - PE ratios for 2024-2026 are estimated at 20x, 16x, and 13x, respectively [6] Profitability and Valuation Metrics - Gross margin for 2023 was 61.19%, with a net profit margin of 33.5% [1][7] - ROE for 2023 was 21.7%, with a projected increase to 17.9% by 2025 [7] - The company's ROIC for 2023 was 39.3%, with a projected increase to 45.4% by 2025 [7] Operational Efficiency - The company has improved operational efficiency through cost control and increased production efficiency [3] - Fixed asset turnover days increased from 16 days in 2022 to 21 days in 2023 [8] - Inventory turnover days increased from 87 days in 2022 to 112 days in 2023 [8] Market Position and Competitive Edge - The company maintains a leading position in the FPGA market, with expanding customer base and recognition for high-performance products [3] - New products in the analog and memory sectors have been successfully developed and launched [3] Future Growth Drivers - The company is expected to benefit from the growth of its new product lines, particularly in the FPGA, memory, and analog sectors [3][6] - Continued R&D investment and product innovation are key drivers for future growth [2][6]