景气逐渐复苏，24Q1营收创新高

Investment Rating - The investment rating for the company is "Accumulate" (首次) [2] Core Views - The company reported a record high revenue of 1.127 billion yuan in 2023, representing a year-on-year increase of 21.87%. However, the net profit attributable to the parent company was -48 million yuan, a decline of 158.06% year-on-year [2][15] - In Q1 2024, the company achieved a revenue of 405 million yuan, a year-on-year increase of 98.52% and a quarter-on-quarter increase of 12.5%. The net profit attributable to the parent company was 50 million yuan, a year-on-year increase of 277.41% [2][15] - The company is focusing on expanding its market share in the consumer electronics sector, benefiting from the recovery in downstream demand [2][15] Summary by Sections Company Overview - The company is a leading domestic storage enterprise, primarily producing NOR and EEPROM products. Storage products accounted for 90% of the company's revenue in 2023 [15][25] - The company has achieved mass production of its 512Mb NOR products and is actively expanding its product offerings in the automotive and industrial sectors [2][15] Financial Performance - In 2023, the company reported a revenue of 1.127 billion yuan, with a year-on-year growth of 21.9%. The net profit attributable to the parent company was -48 million yuan, reflecting a significant decline [2][27] - The company expects net profits to recover significantly in the coming years, projecting 197 million yuan in 2024, 249 million yuan in 2025, and 307 million yuan in 2026 [2][27] Product Development - The company is enhancing its product lineup with a focus on low-power NOR Flash and high-reliability EEPROM, aiming to meet the growing demand in various applications including automotive and industrial control [15][25] - The company is also expanding its MCU and analog chip offerings, which have seen significant revenue growth, with MCU and other chips generating 115 million yuan in 2023, a year-on-year increase of 117.7% [2][15] Market Outlook - The company is well-positioned to increase its market share in the NOR sector, particularly with its advancements in technology and product offerings [2][15] - The anticipated recovery in downstream demand, particularly in consumer electronics, is expected to drive revenue growth in the upcoming quarters [2][15]