公司事件点评报告：中高端CIS稳步发展，24Q1业绩厚积薄发

Investment Rating - The report maintains an "Accumulate" investment rating for the company [2] Core Views - The company has shown a significant recovery in Q1 2024, achieving a revenue of 1.289 billion yuan, a year-on-year increase of 51.13%, and a net profit attributable to shareholders of 30.16 million yuan, marking a turnaround from losses [2][3] - The decline in 2023 revenue to 4.697 billion yuan, a decrease of 20.97% year-on-year, was primarily due to geopolitical factors, global inflation, and a slowdown in consumer electronics demand [2][3] - The company is expanding its high-pixel product offerings, with successful mass production of 13 million, 16 million, and 32 million pixel mobile CIS products, enhancing its market share in the high-end segment [2][3] - The transition to a Fab-lite model has strengthened the company's product competitiveness, with plans for a more efficient internal product development model [4] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 4.697 billion yuan and a net profit of 48 million yuan, reflecting a significant decline in profitability [5] - For 2024, the revenue is projected to reach 6.439 billion yuan, with a growth rate of 37.1%, and net profit expected to increase to 265 million yuan, a growth rate of 449.5% [5][7] Product Development - The company is set to launch AMOLED display driver IC products, which are anticipated to drive future growth [3] - The introduction of high-pixel products is supported by the latest FPPI patented technology, enhancing the company's competitive edge in the smartphone market [2][3] Strategic Initiatives - The company has initiated a share buyback program to incentivize core talent, with 3.9054 million shares repurchased, representing 0.1502% of total shares [4] - A restricted stock incentive plan was announced, focusing on revenue from products with specifications of 13 million pixels and above, demonstrating the company's commitment to high-end CIS products [4]