淡季不淡，一季度稳健增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company demonstrated robust growth in Q1 2024, achieving revenue of 729 million yuan, a year-on-year increase of 42.03%, and a net profit of 54 million yuan, up 80.04% year-on-year, driven by the recovery in consumer electronics and demand from the industrial sector [5]. - Despite a challenging 2023 with a revenue decline of 17.94% to 2.616 billion yuan and a net profit drop of 67.86% to 281 million yuan, the company maintained operational resilience due to its diverse product offerings [5]. - The company continues to strengthen its R&D capabilities, with R&D expenses increasing by 17.78% to 737 million yuan, representing 28.18% of revenue, and has launched over 900 new products across various sectors [6]. - The outlook remains positive with expectations of continued growth driven by demand recovery and product expansion, forecasting net profits of 406 million, 691 million, and 1.025 billion yuan for 2024, 2025, and 2026 respectively [6]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.616 billion yuan, a decrease of 17.94% year-on-year, and a net profit of 281 million yuan, down 67.86% [5]. - For Q1 2024, revenue was 729 million yuan, reflecting a 42.03% increase year-on-year, while net profit reached 54 million yuan, up 80.04% year-on-year [5]. - The gross margin for Q1 2024 was 52.49%, showing a slight year-on-year decrease but a quarter-on-quarter improvement of 5.27 percentage points [5]. R&D and Product Development - The company invested 737 million yuan in R&D in 2023, which is 28.18% of its revenue, and increased its R&D personnel by 14.84% to 1,029 [6]. - The product portfolio includes over 5,200 SKUs across 32 categories, enhancing the company's competitive edge in the market [6]. Future Outlook - The company aims to become a leading brand in the global analog chip industry, with expectations of sustained growth driven by expanding product lines and applications [6]. - Forecasted net profits for the next three years are 406 million yuan in 2024, 691 million yuan in 2025, and 1.025 billion yuan in 2026 [6].