The 2023 performance grew steadily, and Q4 gross margin increased markedly. Maintaining the “buy” rating, the company achieved revenue of 3.663 billion yuan, +35.39% year on year; net profit to mother of 911 million yuan, +11.36% year on year; net profit after deducting non-net profit of 886 million yuan, +16.25% year on year; gross profit margin of 37.51%, -2.8 pcts year on year; 2023Q4 achieved revenue of 1,044 billion yuan in a single quarter, +12.2% year on month; net profit to mother of 252 million yuan, year on year + 10.92%, +10.53% month-on-month; net profit without return to mother was 256 million yuan, +18% YoY, +16.86% month-on-month; gross profit margin 40.47%, +1.91pcts YoY, +3.88pcts month-on-month. The company's various businesses are progressing steadily, and revenue and performance are growing steadily. We maintain the company's 2024-2025 net profit forecast of 11.72/1,441 billion yuan and add a 2026 performance forecast of 1,785 billion yuan. The corresponding EPS is 6.86/8.43/10.44 yuan, and the PE corresponding to the current stock price is 22.3/18.2/14.7 times. As the industry cycle picks up and the competitiveness of the company's products continues to improve, the company's performance is expected to continue to improve. We are optimistic about the company's long-term development and maintain a “buy” rating.
There is steady growth in many fields, and the share of new energy and home appliances continues to increase in the downstream area, 2
In 023, the company's new energy industry revenue was 2.56 billion yuan, +48.09% year-on-year, accounting for 58.9% year-on-year, +5.0 pcts; industrial control and power supply industry revenue was 1,279 million yuan, +15.64%, revenue accounting for 34.9% year-on-year, -6.0 pcts; inverter white goods and other industries had revenue of 203 million yuan, +69.48%, accounting for 5.5% year-on-year, +1.1 pcts year on year. Overall, the company has achieved steady growth in all segments. Among them, the new energy, inverter white goods and other industries are growing rapidly. Revenue has increased rapidly over the same period last year, and its share of revenue has also increased markedly.
Various businesses continue to advance, and there is sufficient momentum for future growth
By product, in terms of IGBTs, the company continued to release automotive-grade IGBT modules used in main motor controllers in 2023, supporting more than 2 million new energy vehicles; at the same time, the company's share in the field of automotive air conditioners, charging piles and other devices continued to increase; in addition, the company's 750V vehicle-grade IGBT modules were loaded in large quantities, and the 1200V module added more than 800 model targets, which will provide continuous impetus for future growth; in terms of SiC MOSFETs, vehicle-grade SiC MOSFET modules used in main controllers A large number of vehicles were loaded, and several 800V projects were added at the same time, and growth momentum is sufficient; in addition, the company's own automotive-grade SiC MOSFET chips have been verified by many customers and have begun batch shipment on multiple automotive power module packaging platforms, and it is expected that volume will continue to be released in the future.
Risk warning: downstream demand falls short of expectations; customer introduction falls short of expectations; technology research and development falls short of expectations.