营收稳步提升，碳化硅技术持续突破

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 14.1 CNY for the next six months [5][9]. Core Views - The company has shown steady revenue growth, with a reported revenue of 14.053 billion CNY in 2023, a year-on-year increase of 6.28%. However, the net profit attributable to shareholders decreased by 46.5% to 366.6 million CNY [1][4]. - The first quarter of 2024 saw a revenue increase of 22.33% year-on-year, reaching 3.557 billion CNY, but the net profit still declined by 44.39% [1][2]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 14.053 billion CNY, with a net profit of 366.6 million CNY. The first quarter of 2024 reported a revenue of 3.557 billion CNY and a net profit of 1.19 billion CNY [1][4]. - The company expects revenues to grow to 17.425 billion CNY in 2024, 21.259 billion CNY in 2025, and 26.574 billion CNY in 2026, with net profits projected at 1.279 billion CNY, 2.031 billion CNY, and 3.245 billion CNY respectively [4][10]. Industry Trends - The overall industry faced challenges in 2023, with low capacity utilization in the first three quarters. However, demand began to recover in the fourth quarter, leading to improved profitability through product structure adjustments [2][3]. - The company has made significant advancements in silicon carbide technology, with successful mass shipments of 6-inch substrates and completion of 8-inch substrate process trials [3][4]. Product Development - The company has expanded its product offerings in the silicon carbide sector, achieving AEC-Q101 certification for automotive-grade MOSFETs and establishing strategic partnerships with major global players [3][4]. - The production capacity for silicon carbide is expected to reach 8,000-10,000 wafers per month by the end of 2024, with plans to achieve full capacity by 2028 [3][4].