24Q1季度扣非净利润环比+23.0%，车规级芯片布局成长可期

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance relative to the industry index over the next six months [5][23]. Core Insights - The company reported a revenue of 411 million yuan in 2023, representing a year-on-year growth of 27.4%, with a net profit of 175 million yuan, up 23.1% year-on-year [21][23]. - The company is a leader in the domestic BLDC motor drive control chip market, leveraging a combination of chips, algorithms, and motors to enhance its core competitiveness [23]. - The company achieved significant growth in its ASIC business, with a revenue increase of 145% year-on-year, driven by a 157.5% increase in sales volume [22][23]. Financial Performance Summary - In Q1 2024, the company reported a revenue of 116 million yuan, a decrease of 10.5% quarter-on-quarter but an increase of 31.1% year-on-year [26]. - The gross margin for Q1 2024 was 54.51%, showing a slight increase of 0.76 percentage points from the previous quarter [8][21]. - The company's R&D expenditure in 2023 was 85 million yuan, reflecting a year-on-year increase of 32.6%, with a focus on automotive electronics [22][23]. Business Segmentation - The primary business segment is the MCU for motor control, generating 275 million yuan in revenue in 2023, accounting for approximately 67% of total revenue [22]. - The second-largest segment is HVIC for motor drive chips, contributing 66 million yuan in revenue, which is 16% of total revenue [22]. - The company has made strides in the automotive electronics sector, achieving ISO 26262 certification and increasing its sales share in this area to 5% in 2023 [22][23].