新易盛：毛利率大幅提升，存货提升是高景气信号

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company's telecom business has hindered growth in 2023, but there is a significant recovery in demand for data communication in Q4 2023 and Q1 2024, leading to notable sequential growth [5][6]. - The gross margin faced pressure in 2023 but has significantly improved in the last two quarters due to increased capacity utilization and product structure optimization [5][6]. - The company reported a substantial increase in inventory in Q1 2024, indicating a high level of industry activity and preparation for future demand [5][6]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 3.098 billion yuan, a year-on-year decrease of 6.4%. The net profit attributable to the parent company was 688 million yuan, down 23.8% year-on-year. In Q1 2024, revenue reached 1.111 billion yuan, a year-on-year increase of 85% and a sequential increase of 10%. The net profit for Q1 2024 was 320 million yuan, up 201% year-on-year and 25% sequentially [4][5]. Margin Analysis - The gross margin in 2023 decreased by 5.7 percentage points, primarily due to low capacity utilization, which was only 68% compared to 96% in 2022. However, in Q4 2023 and Q1 2024, the gross margin improved significantly, reaching historical highs due to better capacity utilization and cost optimization [5][6]. Market Demand and Inventory - The company experienced a decline in overseas business revenue in 2023, but the demand in the data communication market has shown signs of recovery. The increase in inventory in Q1 2024, reversing a six-quarter decline, reflects a positive outlook for industry demand [5][6]. Technological Advancements - The company is accelerating the iteration of optical modules and has successfully launched new technology solutions, including the 800GLPO scheme, which has entered mass production [6]. Profit Forecast - The company forecasts net profits of 1.819 billion yuan, 2.450 billion yuan, and 2.919 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 164%, 35%, and 19% [6].