景气度持续回升，创新驱动高质量发展

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.98 CNY, maintaining the rating [4]. Core Views - The company reported a revenue of 5.727 billion CNY in 2023, a year-on-year increase of 11.21%, and a net profit attributable to shareholders of 1.581 billion CNY, up 5.07% year-on-year. In Q1 2024, revenue reached 1.564 billion CNY, growing 31.49% year-on-year, with a net profit of 433 million CNY, up 35.31% year-on-year [1][2]. - The company is experiencing a recovery trend with high-capacity MLCC (Multi-Layer Ceramic Capacitors) products rapidly gaining market share due to improved demand in consumer electronics and successful product breakthroughs [2][3]. - The company continues to invest heavily in R&D, with R&D expenses increasing by 20.71% in 2023 and 20.88% in Q1 2024, indicating a commitment to innovation and long-term growth potential [3][8]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.727 billion CNY and a net profit of 1.581 billion CNY. The Q1 2024 results showed a revenue of 1.564 billion CNY and a net profit of 433 million CNY, reflecting significant growth [1][2]. - The gross profit margin for Q1 2024 was 40.14%, showing a slight improvement year-on-year [2]. Market Position and Growth - The company’s MLCC products have seen a significant increase in market acceptance, with revenue from electronic components and materials reaching 2.196 billion CNY, a year-on-year increase of 50.32% [2][3]. - The company is expanding its product offerings in various sectors, including automotive and renewable energy, which broadens its market applications [3]. R&D and Innovation - The company has made notable advancements in MLCC technology, achieving breakthroughs in material thickness and production capacity, with plans for further expansion in high-capacity MLCC production by May 2025 [3]. - R&D personnel increased to 2,034 by the end of 2023, reflecting the company's focus on innovation [3]. Dividend Policy - The company has a strong dividend policy, proposing a cash dividend of 2.80 CNY per 10 shares for 2023, which represents 33.94% of the annual net profit [7]. The company plans to maintain a dividend payout of no less than 30% of distributable profits from 2024 to 2028 [7].