维持行业领先地位，持续布局重点领域

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 115.62 CNY per share based on a 35x PE valuation for 2024 [4][2]. Core Views - The company reported a revenue of 7.565 billion CNY in 2023, a year-on-year increase of 6.26%, while the net profit attributable to shareholders was 2.531 billion CNY, a decrease of 3.84% [2][3]. - In Q1 2024, the company experienced a revenue decline of 26.16% year-on-year, totaling 1.141 billion CNY, and a net profit drop of 47.44% to 307 million CNY [2][3]. - The company continues to lead in the integrated circuit design sector, having developed new products in specialized integrated circuits and smart security chips, with significant growth in sales and profits [2][3]. - R&D investment reached 1.633 billion CNY in 2023, an increase of 30.68%, enhancing the company's core competitiveness [2][3]. Financial Summary - Revenue projections for 2024 to 2026 are 9.183 billion CNY, 11.233 billion CNY, and 13.480 billion CNY, respectively, with growth rates of 21.4%, 22.3%, and 20.0% [3][7]. - The expected EPS for 2024, 2025, and 2026 are 3.30 CNY, 4.12 CNY, and 4.84 CNY, respectively [2][3]. - The company's ROE is projected to decline from 21.7% in 2023 to 18.6% in 2026 [3][7].