半导体业务仍处疲软，ODM盈利受减值拖累

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The semiconductor business remains weak, and ODM profitability is impacted by impairment losses. The company reported a revenue of 61.213 billion yuan in 2023, a year-on-year increase of 5.40%, but the net profit attributable to shareholders decreased by 19.00% to 1.181 billion yuan [5][6]. Summary by Sections Semiconductor Business - In 2023, the semiconductor business achieved a revenue of 15.226 billion yuan, a decline of 4.85% year-on-year, with a gross margin of 38.59%. The net profit for this segment was 2.426 billion yuan, down 35.29% year-on-year. The revenue distribution from downstream applications includes automotive (62.8%), industrial and power (21.7%), and consumer electronics (3.8%) [5][6]. ODM Business - The ODM business generated a revenue of 44.315 billion yuan in 2023, reflecting a growth of 11.99% year-on-year, but incurred a net loss of 444.7 million yuan. The gross margin for this segment was 8.37%. The company focused on expanding overseas markets and improving cost control, which led to a better performance after excluding goodwill impairment of 494 million yuan [5][6]. Optical Module Business - The optical module business reported a net loss of 719 million yuan in 2023. The company ceased production of specific optical module products, leading to an asset impairment provision of 295 million yuan and disposal losses of 226 million yuan [6]. Strategic Outlook - The company continues to enhance its business layout through both organic and external growth strategies, forming a synergistic effect among semiconductor, ODM, and optical module businesses. The acquisition of Anshi has positioned the company as a leader in automotive power devices, with significant market potential driven by trends in electrification and automation. The company has a clear AI product roadmap to capitalize on new opportunities in various sectors [6][7]. Financial Projections - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.85 yuan, 1.80 yuan, and 2.14 yuan, respectively, indicating a positive growth trajectory [6][7].