CRM(688396) 长城证券·2024-05-21 05:01Investment Rating - The report maintains a rating of "Accumulate" for the company [2][5] Core Views - The company experienced a slight decline in revenue in Q1 2024, with a year-on-year decrease of 9.82% and a quarter-on-quarter decrease of 10.75% [2][3] - The semiconductor market is under pressure, impacting the company's performance, but there is optimism for recovery in 2024 driven by advancements in IoT, 5G, and AI technologies [3][5] - The company is expanding its automotive and new energy sectors, with significant growth expected in power semiconductor products, particularly IGBT and SiC [5] Financial Summary - In 2023, the company reported revenue of 99.01 billion yuan, a year-on-year decrease of 1.59%, and a net profit of 1.479 billion yuan, down 43.48% [2][3] - The company's gross margin for 2023 was 32.22%, a decrease of 4.49 percentage points year-on-year, while the net margin fell to 14.53%, down 11.31 percentage points [3] - The forecast for 2024 indicates expected revenues of 109.38 billion yuan, with a projected net profit of 1.423 billion yuan [2][5] Product Development and Market Outlook - The company is focusing on its 12-inch production lines, which are expected to significantly boost revenue, with rapid ramp-up in production of MOSFET and IGBT products [3][5] - The automotive sector is showing positive trends, with the company’s automotive-grade products entering the supply chains of major car manufacturers [5] - The global electric vehicle market is projected to grow significantly, with a CAGR of approximately 17.80% from 2023 to 2030, providing a favorable environment for the company's growth in automotive electronics [5]