下游低迷拖累业绩，对外投资开辟物联新天地

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Views - The company is expected to incur a net loss in 2023, with a projected net profit attributable to shareholders ranging from -330 million to -290 million RMB, a significant decline compared to the previous year [1]. - Despite short-term performance pressures due to global economic conditions and industry cycles, the company continues to focus on the storage market and plans to invest in expanding its wireless communication product line, specifically Wi-Fi 7 [1]. - The company is actively developing new products in SLC NAND and NOR Flash, with ongoing research and development efforts that have seen a year-on-year increase of over 50% in R&D expenses [1]. Summary by Sections Financial Performance - The company forecasts a revenue of 558 million RMB for 2023, with expected revenues of 689 million RMB in 2024 and 1,010 million RMB in 2025, reflecting a growth rate of -51.3% in 2023, followed by 23.6% and 46.6% in the subsequent years [1][8]. - The projected net profit for 2023 is -302 million RMB, with a recovery expected in 2024 and 2025, with net profits of 133 million RMB and 226 million RMB respectively [1][8]. Product Development - The company is focusing on SLC NAND products with ongoing development in 28nm and 24nm processes, as well as NOR Flash products based on 48nm and 55nm processes [1]. - The company has successfully passed AEC-Q100 testing for its SLC NAND Flash and NOR Flash products, indicating a commitment to high reliability in automotive applications [1]. Strategic Investments - The company announced plans to invest 29 million RMB to establish a subsidiary focused on Wi-Fi 7 wireless communication technology, aiming to enhance its product offerings and optimize its business layout [1]. - This strategic move is expected to create synergies and provide customers with more diverse solutions, aligning with the company's goal of integrating storage, computing, and connectivity [1].