GUOXIN MICRO(SZ:002049) Soochow Securities·2024-04-22 08:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's business performance remains fundamentally stable despite multiple pressures, achieving a revenue of 7.565 billion yuan in 2023, a year-on-year increase of 6.26%, and a net profit attributable to shareholders of 2.531 billion yuan, a year-on-year decrease of 3.84% [2][3] - The company continues to enhance technological empowerment and expand its product portfolio, launching new product lines in the special integrated circuit field and making significant progress in key areas such as special memory, processors, FPGA, and system-level chips [3] - As a leading enterprise in the special chip design field, the company has a strong R&D and industrialization capability, having received numerous technology awards and increased its R&D investment, resulting in 149 patent authorizations in 2023 [3] - The earnings forecast has been adjusted, with net profit estimates for 2024 and 2025 revised to 2.940 billion yuan and 3.729 billion yuan respectively, and a new estimate for 2026 set at 4.585 billion yuan, corresponding to P/E ratios of 17, 14, and 11 times [3] Financial Performance Summary - In 2023, the company achieved total revenue of 75.65 billion yuan, with a net profit of 25.31 billion yuan, and a net cash flow from operating activities of 17.72 billion yuan, reflecting a 2.63% increase year-on-year [2] - The R&D expenditure for 2023 was 16.33 billion yuan, representing a 30.68% increase and accounting for 21.58% of total revenue [2] - The company's total assets reached 17.534 billion yuan in 2023, with a total liability of 5.805 billion yuan, resulting in a debt-to-asset ratio of 33.10% [6][9]