CRM(688396) 国信证券·2024-05-17 00:00Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company's profitability is under short-term pressure, but quality improvement and product optimization are expected to lead to performance recovery [1] - In Q1 2024, the company's revenue was affected by industry price adjustments, resulting in a further decline in profit margins [1] - The company is focusing on expanding its product lines, particularly in high-value sectors such as new energy and power ICs, which have shown significant revenue growth [1][11] Summary by Relevant Sections Financial Performance - In 2023, the company achieved revenue of 99 billion yuan, a year-on-year decrease of 1.59%, with a net profit of 1.227 billion yuan, down 49.97% year-on-year [1] - The gross margin for 2023 was 32.22%, a decrease of 4.49 percentage points year-on-year [1] - For Q1 2024, the company reported revenue of 21.16 billion yuan, down 9.8% year-on-year, and a net profit of 58 million yuan, down 82.8% year-on-year [1] Product and Service Segments - The product and solution segment generated revenue of 46.7 billion yuan in 2023, with a gross margin of 26.62%, down 9.51 percentage points year-on-year [1] - The manufacturing and service segment saw a revenue increase of 2.66% in 2023, with a gross margin of 37.42% [1] - The company is investing heavily in R&D, with 11.54 billion yuan allocated in 2023, focusing on GaN devices, DrMOS, and SiC MOS products [1] Future Projections - The company is expected to achieve net profits of 1.18 billion yuan, 1.35 billion yuan, and 1.51 billion yuan for 2024, 2025, and 2026, respectively [1][12] - The projected PE ratios for 2024, 2025, and 2026 are 43, 38, and 34 times, respectively [1][12] - Revenue forecasts for the product and solution segment for 2024-2026 are 59.58 billion yuan, 69.81 billion yuan, and 76.96 billion yuan [11][12]