Zbit Semiconductor(688416) 华创证券·2024-04-30 11:32Investment Rating - The report assigns a "Recommended" rating to the company, with an expectation of a net profit of 0.21/0.72/1.22 billion for 2024/2025/2026, corresponding to an EPS of 0.25/0.87/1.47 [9][12]. Core Insights - The company experienced a significant decline in revenue in 2023, with total revenue of 306 million, down 29.41% year-on-year, and a net loss of 1.73 billion, reflecting a 914% year-on-year decrease [9][12]. - In Q1 2024, the company reported revenue of 81 million, a year-on-year increase of 12.23%, indicating a potential recovery as the decline in revenue has narrowed [9][12]. - The company is focusing on increasing R&D investment, which grew by 55% in 2023, to enhance its core competitiveness in the storage and MCU sectors [9][12]. Financial Summary - The company's total revenue is projected to increase significantly from 306 million in 2023 to 471 million in 2024, with a growth rate of 53.9% [12]. - The net profit is expected to turn positive in 2024, with projections of 21 million, compared to a loss of 173 million in 2023 [12]. - The EPS is forecasted to improve from -2.09 in 2023 to 0.25 in 2024, indicating a recovery in profitability [12].