拐点已至，成长可期

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company has shown significant improvement in Q1 2024, with revenue reaching 1.627 billion yuan, a year-on-year increase of 21.32% and a quarter-on-quarter increase of 19.10% [5][6]. - The company faced challenges in 2023 due to industry cycles, resulting in a revenue decline of 29.14% year-on-year, with a net profit drop of 92.15% [5][6]. - The company is expected to benefit from a recovery in demand and is positioned for growth in the semiconductor industry, particularly in DRAM and MCU segments [6][7]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 5.761 billion yuan, with a gross margin of 34.42% and a net profit of 161 million yuan [5][6]. - For Q1 2024, the company achieved a gross margin of 38.16% and a net profit of 205 million yuan, reflecting a year-on-year increase of 36.45% [5][6]. Product Lines - Revenue from storage chips, MCU, and sensors in 2023 was 4.077 billion yuan, 1.317 billion yuan, and 352 million yuan respectively, with significant year-on-year declines [5][6]. - The company has successfully expanded its product lines, including NOR Flash and self-developed DRAM, with notable sales growth in high-end consumer electronics and other applications [6][7]. Research and Development - The company invested 990 million yuan in R&D in 2023, representing 17.18% of its revenue, and plans to continue this trend to support future growth [6][7]. - The company is focusing on developing new products in the DRAM and MCU segments, with expectations for increased production and market share [6][7]. Future Outlook - The company is projected to achieve net profits of 1.004 billion yuan, 1.624 billion yuan, and 2.001 billion yuan for 2024, 2025, and 2026 respectively, indicating a positive growth trajectory [6][7].