盈利能力显著修复，期待AD/DC产品持续放量

Investment Rating - The report upgrades the investment rating to "Buy" based on expected stock price growth exceeding 15% relative to the industry index over the next six months [22]. Core Insights - The company has significantly narrowed its losses in 2023, with a notable improvement in gross margin to 25.67%, up by 8.09 percentage points year-on-year, driven by inventory clearance and product structure optimization [2]. - The acquisition of Lingou Chuangxin has contributed positively to the company's performance, with a reported revenue of 1.76 billion yuan and a net profit of 0.53 billion yuan from the acquired subsidiary [8]. - The company is actively expanding its product lines, including LED lighting power management chips, AC/DC power management chips, motor drive and control chips, and DC/DC power management chips, with strong market feedback and sales growth across various segments [3][7]. Financial Performance Summary - In 2023, the company achieved a total revenue of 1.303 billion yuan, representing a year-on-year growth of 20.74%, and a net profit of -0.91 billion yuan, an increase of 54.21% year-on-year [23]. - For Q1 2024, the company reported a revenue of 319 million yuan, a year-on-year increase of 20.21%, and a net profit of -0.29 billion yuan, reflecting a 51.01% year-on-year growth [23]. - The forecast for net profit is projected to improve significantly, with estimates of 0.97 billion yuan, 1.76 billion yuan, and 2.45 billion yuan for 2024, 2025, and 2026 respectively [9].