跟踪报告之十一：产线相关研发&折旧使得24Q1净利率下降，L~PAMiD实现0~1突破

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 4.378 billion yuan in 2023, representing a year-on-year increase of 19.05%, and a net profit of 1.122 billion yuan, up 4.95% year-on-year [2] - In Q1 2024, the company achieved a revenue of 1.19 billion yuan, a year-on-year increase of 67.16%, but a quarter-on-quarter decrease of 8.80% [2] - The increase in R&D expenses has led to a decline in net profit margin, while the proportion of module products continues to rise [2] - The L-PAMiD product has achieved a breakthrough from "0 to 1," indicating significant progress in the company's product development [2] Financial Performance Summary - In 2023, the company’s gross margin was 46.45%, down 6.46 percentage points year-on-year, and the net profit margin was 25.57%, down 3.75 percentage points year-on-year [2] - The company’s R&D expenses reached 2.69 billion yuan in Q1 2024, a year-on-year increase of 118.70% [2] - The revenue from RF discrete devices and RF modules in 2023 was 2.714 billion yuan and 1.591 billion yuan, respectively, with year-on-year growth of 8.94% and 42.22% [2][4] Revenue and Profit Forecast - The company is projected to achieve revenues of 5.588 billion yuan in 2024, 6.649 billion yuan in 2025, and 7.906 billion yuan in 2026, with corresponding growth rates of 27.63%, 19.00%, and 18.90% [3] - The forecasted net profit for 2024 is 1.185 billion yuan, with a growth rate of 5.61%, and for 2025, it is projected to be 1.344 billion yuan, with a growth rate of 13.40% [3] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 41x for 2024, 36x for 2025, and 29x for 2026 [2] - The price-to-book (P/B) ratio is expected to decrease from 4.9 in 2023 to 3.5 in 2026 [3]