多款新品进展推进，24 年及以后有望持续贡献营收。23H1 到23 年末，用于显示控制、打印机、扫地机、二维码识别等智能硬件市场的X2600 芯片从功能测试、量产测试走向量产完成；车规LIN SBC、CANSB 推向市场并向客户送样；GreenPHY 完成量产工作，支持部分Tier1 厂商进行了方案设计；8G LPDDR4 持续量产，不断导入汽车、工业等领域；汽车SRAM 需求良好；Flash 方面，工业需求下降，医疗需求向好，车载市场推广不断加强。Incident: The company released its annual report for the year 23, with revenue of 4.531 billion yuan, YoY -16.28%, net profit to mother of 537 million yuan, YoY -31.93%, net profit of 491 million yuan after deducting non-return to mother net profit of 491 million yuan, YoY -34.23%.
Looking at Q4 in a single quarter, revenue reached 1,111 billion yuan, YoY -6.85%, QoQ -7.30%, net profit to mother of 169 million yuan, YoY +193.57%, QoQ +15.43%, net profit after deducting non-return to mother 145 million yuan, YoY +377.49%, and QoQ +3.08%.
Consumer market inventories were the first to be eliminated, and the industry market is expected to pick up in 24 years. In '23, revenue from computing chips, memory chips, analog and interconnection chips was $11.08, 29.12, and 409 million yuan, +43.91%, -28.19%, and -14.58% year-on-year. Computing chips, including microprocessor chips and smart video chips, are aimed at markets such as the smart Internet of Things and smart vision IOT. The growth is mainly due to the recovery of some consumer markets and inventory removal; revenue from memory chips and analog and interconnect chips for the automotive, industrial and other industries has declined, mainly due to sluggish demand, overcapacity, inventory pressure, etc., and demand is expected to increase as inventory is removed in 24 years.
A number of new products are progressing, and it is expected that they will continue to contribute revenue for 24 years and beyond. From 23H1 to the end of '23, X2600 chips used in smart hardware markets such as display control, printers, sweepers, and QR code recognition went from functional testing and mass production testing to mass production; vehicle specifications LIN SBC and CANSB were introduced to the market and samples were delivered to customers; GreenPhy completed mass production and supported some Tier 1 manufacturers to design solutions; 8G LPDDR4 continued to be mass-produced and introduced into automotive and industrial fields; automotive SRAM demand was good; on the Flash side, industrial demand declined and medical demand improved , the promotion of the automotive market continues to strengthen.
R&D investment has increased, and forward-looking layout technology has maintained its leading edge. R&D expenses in 23 years reached 708 million yuan, YoY +10.40%, R&D expenditure ratio 15.63%, +3.77pcts year-on-year. The company has invested heavily in AI algorithm research, and a large number of mature algorithms have reached the market; leading the in-vehicle storage industry, mass production of 8GLPDDR4 began in '23. New processes and larger capacity DRAM are under development, and it is expected that it will continue to benefit from automotive intelligence.
Profit forecast: The company's net profit for 24-26 is estimated to be 730, 9.93, and 1,173 billion yuan, corresponding to PE of 43.1, 31.7, and 26.8 times, respectively, maintaining an “increase in holdings” rating.
Risk warning: downstream demand falls short of expectations, price fluctuations in storage products, new product progress falls short of expectations, etc.
