芯片电感快速扩张，磁粉芯逐步回暖

Investment Rating - The investment rating for the company is "Buy" [5]. Core Insights - The company reported a revenue of 1.16 billion yuan in 2023, an increase of 8.7% year-on-year, and a net profit attributable to the parent company of 256 million yuan, up 32.5% year-on-year [5]. - In Q1 2024, the company achieved a revenue of 335 million yuan, representing a quarter-on-quarter increase of 10.2% and a year-on-year increase of 15.3%, with a net profit of 72 million yuan, up 7.5% quarter-on-quarter and 9% year-on-year [5]. - The rapid growth in chip inductors and the steady recovery of magnetic powder cores are highlighted as key performance drivers [5]. Financial Performance Summary - Total revenue (in million yuan): - 2022: 1,066 - 2023: 1,159 - 2024E: 1,719 - 2025E: 2,235 - 2026E: 2,734 - Year-on-year growth rates: - 2022: 46.8% - 2023: 8.7% - 2024E: 48.4% - 2025E: 30.0% - 2026E: 22.3% [6]. - Net profit attributable to the parent company (in million yuan): - 2022: 193 - 2023: 256 - 2024E: 357 - 2025E: 479 - 2026E: 595 - Year-on-year growth rates: - 2022: 60.5% - 2023: 32.5% - 2024E: 39.8% - 2025E: 34.1% - 2026E: 24.1% [6]. - Gross margin: - 2022: 37.6% - 2023: 39.6% - 2024E: 40.2% - 2025E: 40.6% - 2026E: 40.8% [6]. - Return on equity (ROE): - 2022: 11.9% - 2023: 13.5% - 2024E: 13.9% - 2025E: 15.0% - 2026E: 15.5% [6]. - Earnings per share (EPS): - 2022: 1.76 - 2023: 1.29 - 2024E: 1.80 - 2025E: 2.41 - 2026E: 2.99 [6]. - Price-to-earnings ratio (P/E): - 2022: 49.20 - 2023: 41.10 - 2024E: 31.42 - 2025E: 23.43 - 2026E: 18.87 [6]. - Price-to-book ratio (P/B): - 2022: 6.89 - 2023: 5.91 - 2024E: 4.38 - 2025E: 3.51 - 2026E: 2.92 [6].