公司2023 年全年期间费用率为27.02%，其中销售费用率为4.47%，同比+0.57pct；财务费用率为-3.95%，同比-0.81pct；研发费用率为20.58%，同比+0.81pct；管理费用率为5.91%，同比-0.78pct；公司2024 年Q1 期间费用率为18.31%，其中销售费用率为3.18%，同比-0.93pct；财务费用率为-5.66%，同比-3.25pct；研发费用率为16.65%，同比+0.02pct；管理费用率为4.14%，同比+0.07pct；研发费用大幅增加主要系公司持续加强研发投入力度，对芯片产品技术进行持续的研发创新所致。The company's 2023 annual report and 2024 Q1 performance were impressive, with net profit not attributable to 2024Q1 growing by 50% + year over year. The company released the 2023 annual report and the first quarter report of 2024. The company achieved revenue of 411 million yuan for the full year of 2023, an increase of 27.37% over the previous year; realized net profit of 175 million yuan, an increase of 23.13% over the previous year; and realized net profit after deduction of 118 million yuan, an increase of 17.86% over the previous year.
The company achieved revenue of 116 million yuan in the first quarter of 2024, an increase of 31.14% over the previous year; achieved net profit of 51 million yuan, an increase of 26.87%; realized net profit of 43 million yuan without return to mother, an increase of 51.01% over the previous year; the increase in the company's performance fully benefited from the continued expansion of market share in sectors such as white power and new energy vehicles.
Increase investment in R&D and continue to invest in the company's chip technology and future applications in emerging industries such as robotics.
The company's expense ratio for the full year of 2023 was 27.02%, of which the sales expense ratio was 4.47%, +0.57pct; the financial expense ratio was -3.95%, -0.81 pct; the R&D expense ratio was 20.58%, +0.81 pct; the management expense ratio was 5.91%, -0.78pct; the company's expense ratio for the 2024 Q1 period was 18.31%, of which the sales expense ratio was 3.18%, -0.93pct year on year; the financial expense ratio was -5.66%, year-on-year- 3.25pct; the R&D cost rate was 16.65%, +0.02pct; the management cost rate was 4.14%, +0.07pct; the sharp increase in R&D expenses was mainly due to the company's continuous increase in R&D investment and continuous R&D innovation in chip product technology.
High-margin products such as new energy vehicles and white electricity continue to improve, and the deep technology moat helps the company develop in the long term. As of the 2023 annual report, the company's sales share in the automotive electronics sector reached 5%, and the share of white electricity sales revenue rose from 10.35% to 14.45% at the end of 2022. The company is expected to fully benefit from the increase in sales share of high-margin products such as automobiles and white electricity. In the future, with the rise of the wave of Industry 4.0, technologies such as intelligence and automation rapidly develop and interintegrate. The downstream industry requires motors to achieve more efficient and accurate control and quiet operation, places higher demands on the performance of motor drive control chips, and further expands demand for motor drive control chip products with high reliability, high stability, and excellent performance, and the company is expected to fully benefit.
Profit forecast and investment suggestions: In 2024-2026, we expect the company to achieve revenue of $535/6.83/860 million yuan and net profit to mother of 2.11/2.70/339 million yuan, corresponding PE of 45.2/35.3/28.2x. In the long run, the company is expected to fully enjoy leading valuation premiums and maintain an “gain” rating.
Risk warning: Manufacturing production expansion falls short of expectations, industry competition is seriously intensifying, there is a risk of macroeconomic fluctuations, R&D risks falling short of expectations, and downstream customer certification falls short of expectations.