2023年报点评：业绩环比高增长，盈利能力改善显著

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 17.7 CNY, compared to the current price of 13.87 CNY [1]. Core Insights - The company's quarterly performance shows continuous improvement, with revenue and profitability recovering significantly. The revenue for Q4 2023 reached 22.27 billion CNY, marking a year-on-year increase of 42.87% and a quarter-on-quarter increase of 8.77% [2][1]. - The company benefits from the ongoing recovery in the industry cycle, with increasing capacity utilization and a gradual completion of inventory destocking for its key products [2]. - The company is expanding its high-end processes and diversifying its product platforms, which is expected to drive future revenue growth [2]. Financial Summary - In 2023, the total revenue was 72.44 billion CNY, a year-on-year decrease of 27.93%. The net profit attributable to the parent company was 2.12 million CNY, down 93.05% year-on-year [1][3]. - The projected revenue for 2024 is 100.54 billion CNY, with a growth rate of 38.8%, and the net profit is expected to rise to 800 million CNY, reflecting a growth rate of 277.9% [3]. - The earnings per share (EPS) for 2024 is forecasted to be 0.40 CNY, with a price-to-earnings (P/E) ratio of 35 [3].