复苏已现

Investment Rating - The report maintains a "Buy" rating for the company, with expected price-to-earnings (PE) ratios of 73, 60, and 55 for the years 2024, 2025, and 2026 respectively [6] Core Views - The semiconductor industry is currently at the bottom of the cycle, with signs of recovery expected in the second half of 2023 as demand for electronic devices rebounds [4][5] - The company reported a revenue of 125.94 billion yuan in Q1 2024, a year-on-year increase of 23.36%, marking the fourth consecutive quarter of growth [4] - The company is focusing on expanding its 12-inch wafer production capacity, with a projected capital expenditure of approximately 7.5 billion USD for 2024 [5] Financial Performance Summary - In 2023, the company achieved a total revenue of 45.25 billion yuan, a decrease of 8.6% year-on-year, with a net profit of 4.82 billion yuan, down 60.3% [4][8] - For 2024, the company is projected to generate revenues of 50.59 billion yuan, with a net profit of 4.69 billion yuan, reflecting a slight decrease of 2.69% [6][9] - The gross profit margin for Q1 2024 was reported at 13.7%, down 7.1 percentage points year-on-year, primarily due to changes in product pricing and mix [4] Market Dynamics - The company’s wafer foundry business generated 40.88 billion yuan in revenue in 2023, a decline of 9.8% year-on-year, with a total shipment of 5.87 million 8-inch equivalent wafers, down 17.34% [4] - The revenue distribution by application in Q1 2024 showed significant contributions from smartphones and consumer electronics, accounting for 31.2% and 30.9% respectively [5] - The company is witnessing a recovery in demand for low-power Bluetooth, IoT, and MCU products, with inventory levels decreasing and customers beginning to replenish orders [5]