四季度归母净利润环比改善

Investment Rating - The investment rating for the company is "Buy" [4][11]. Core Views - The company's net profit attributable to shareholders in Q4 2023 is expected to show significant improvement, with a quarter-on-quarter increase of 129% to 262% [1]. - The global analog chip market is projected to recover in 2024, with the company focusing on analog chip products and a balanced distribution across downstream applications [1]. - The company has established a comprehensive analog platform, with over 4,600 saleable models and a diverse customer base of around 5,000 [1]. - The company is expected to enter a new growth phase as previous R&D investments begin to yield returns [1]. Financial Forecasts and Metrics - The company is projected to achieve a net profit of 295 million to 475 million yuan in 2024, with an EPS of 1.02 yuan [2][9]. - Revenue is expected to grow from 2.64 billion yuan in 2023 to 3.26 billion yuan in 2024, reflecting a year-on-year increase of 23.2% [2][9]. - The company's EBIT margin is forecasted to improve from 10.5% in 2023 to 14.7% in 2024 [2][9]. - The projected P/E ratios for 2024 and 2025 are 59.6x and 37.2x, respectively [2][9].