跟踪报告之六：受益于消费电子复苏，业绩迎拐点

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns exceeding 15% over the next 6-12 months [15]. Core Views - The company is expected to benefit from the recovery in consumer electronics, with a projected increase in revenue and net profit for the upcoming years. The net profit forecast for 2024 has been slightly adjusted upwards to CNY 260 million, reflecting a 4% increase [19]. - The company has established a strong customer base and product performance advantage, having been integrated into the supply chain of major international brands such as Samsung and Xiaomi. This has led to a solid reputation and quality control system [18]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of CNY 887 million, a year-on-year increase of 15.54%, and a net profit of CNY 201 million, up 37.37% from the previous year [8][19]. - The earnings per share (EPS) for 2023 was CNY 1.50, with projections for 2024 at CNY 1.94 [3][19]. Market and Business Development - The company's subsidiary, Semikron, reported a revenue of CNY 112 million in 2023, marking a 54.23% increase, driven by successful overseas market expansion [2]. - The company is focusing on the development of signal chain products, which are crucial for expanding into industrial and automotive sectors, with plans to enhance product offerings and customer reach [9]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 22, 17, and 15 respectively, indicating a favorable valuation compared to growth prospects [19]. - The report highlights a significant improvement in return on equity (ROE), expected to rise from 15.91% in 2023 to 24.10% by 2026 [3].