公司简评报告：2023Q4业绩向好，产品结构优化及产能扩张并行

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a strong performance in Q4 2023, with revenue reaching 1.369 billion yuan, a year-on-year increase of 38.92% and a net profit of 306 million yuan, up 130.95% year-on-year [7][8] - The company is focusing on high-end semiconductor products, including MOS, IGBT, and third-generation semiconductors, which are expected to drive revenue growth in 2024 [10] - The company has expanded its production capacity and is enhancing its product offerings in the electric vehicle and clean energy sectors, positioning itself to benefit from the recovery in downstream demand [9][10] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 5.41 billion yuan, a slight increase of 0.12% year-on-year, while net profit was 924 million yuan, down 12.85% year-on-year [7][10] - Q4 2023 saw significant growth in revenue from photovoltaic diodes, SiC, and IGBT, contributing to the overall revenue increase [8] Product Development and Capacity Expansion - The company has made substantial investments in R&D for high-end products, including SiC and GaN wafers, and has established a joint R&D center with Southeast University [8] - The acquisition of a 30% stake in Jiechuwi has allowed the company to control 70% of the firm, enhancing its production capabilities for 8-inch power semiconductor chips [8] Market Opportunities - The company is capitalizing on the growing demand in the electric vehicle market, with a reported penetration rate of 50.39% for new energy vehicles in early April 2024 [9] - The company has developed a series of automotive-grade products and is expanding its partnerships with major automotive clients [9][10] Profit Forecast and Valuation - The profit forecast for 2024, 2025, and 2026 is adjusted to 1.039 billion yuan, 1.544 billion yuan, and 1.931 billion yuan respectively, with corresponding PE ratios of 19, 13, and 10 times [10][11]