韧性延续，景气共振

Investment Rating - The report maintains a "Buy" rating for the company [5][26]. Core Views - The company achieved a revenue of 1.127 billion yuan in 2023, representing a year-on-year growth of 21.87%, while the net profit attributable to the parent company was -48.27 million yuan, a decline of 158.06% [28]. - In Q1 2024, the company reported a revenue of 405 million yuan, a significant year-on-year increase of 98.52%, and a net profit of 50 million yuan, up 277.41% year-on-year [28]. - The recovery in the consumer electronics market has positively impacted the company's performance, leading to substantial growth in Q1 2024 [28]. - The company is focusing on expanding its market share and optimizing its product and customer structure, having introduced several well-known clients [28]. - The company is advancing in the automotive sector, with its NOR Flash and EEPROM products gaining traction in both domestic and international markets [28]. Financial Summary - Projected revenues for 2024, 2025, and 2026 are 1.921 billion yuan, 2.411 billion yuan, and 3.009 billion yuan, respectively [6]. - The projected net profits for the same years are 259 million yuan, 354 million yuan, and 458 million yuan, respectively [6]. - The company’s EBITDA is expected to improve significantly from -66.66 million yuan in 2023 to 295.95 million yuan in 2024 [6]. - The earnings per share (EPS) is projected to rise from -0.64 yuan in 2023 to 3.43 yuan in 2024 [6]. Market Position and Strategy - The company is constructing a "Storage+" product ecosystem, enhancing synergy among its offerings, including microcontrollers and analog products [28]. - The company has launched over 100 MCU chip products based on ARM Cortex-M architecture, targeting various applications in smart home devices, small appliances, and automotive electronics [28]. - The automotive electronics segment is expected to continue growing, with increasing revenue contributions from products used in vehicle navigation and entertainment systems [28].