多产品开花，业绩持续增长

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company has shown a return to an upward growth trajectory, with quarterly revenue improvement evident in 2023. Despite a year-over-year revenue decline of 3.14% to 5.371 billion yuan and a net profit drop of 31.46% to 498 million yuan, the fourth quarter of 2023 saw a significant revenue increase of 32.17% year-over-year and a net profit surge of 296.79% year-over-year [5][6]. - The first quarter of 2024 is projected to continue this trend, with expected revenue of 1.378 billion yuan, reflecting a year-over-year growth of 33.12%, and a net profit forecast of 125 million yuan, indicating a remarkable year-over-year increase of 310.68% [5][6]. - The company is expanding its product lines and market share, particularly with the T series chips, which have seen over 100% year-over-year sales growth due to successful certifications in mainstream ecosystems [5][6]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 5.371 billion yuan, down 3.14% year-over-year, and a net profit of 498 million yuan, down 31.46% year-over-year. The gross margin for the year was 36.41%, a decrease of 0.69 percentage points [5][6]. - The fourth quarter of 2023 reported revenue of 1.513 billion yuan, up 32.17% year-over-year and 0.39% quarter-over-quarter, with a net profit of 184 million yuan, up 296.79% year-over-year and 42.82% quarter-over-quarter. The gross margin for Q4 was 39.08%, an increase of 3.37 percentage points year-over-year [5][6]. Product Development and Market Expansion - The company is actively developing new products and expanding into overseas markets, with the S series products gaining traction among international operators. The T series chips are being applied in various smart devices, and the A series products are integrated with advanced modules for diverse applications [6]. - Research and development efforts are robust, with R&D expenses in 2023 amounting to 1.283 billion yuan, a year-over-year increase of 8.21%. The first quarter of 2024 is expected to see R&D expenses of 328 million yuan, reflecting a slight increase [6]. Future Outlook - The company is expected to maintain a steady growth trajectory, with projected net profits of 720 million yuan, 1.011 billion yuan, and 1.338 billion yuan for 2024, 2025, and 2026, respectively [6].