订单需求回暖，积极扩产蓄力长期成长

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company reported a revenue of 16.232 billion yuan in 2023, a decrease of 3.30% year-on-year, and a net profit attributable to shareholders of 1.936 billion yuan, down 35.64% year-on-year [3][4] - The semiconductor market faced challenges in 2023, with a global decline of approximately 10%, and the wafer foundry market expected to drop by 10% to 15% [4] - The company anticipates an increase in capacity utilization and order demand in Q1 2024, projecting sales revenue of approximately 450 to 500 million USD and a gross margin of 3% to 6% [4][6] - The company is focused on developing a unique IC and power device platform, achieving global leadership in several areas through continuous innovation [5][6] Financial Summary - The company expects revenues of 16.232 billion yuan in 2023, 17.368 billion yuan in 2024, and 18.644 billion yuan in 2025, with net profits of 1.936 billion yuan, 1.766 billion yuan, and 1.956 billion yuan respectively [6][8] - The projected P/E ratios for 2023, 2024, and 2025 are 30.52, 33.45, and 30.21 respectively, while the P/B ratios are 1.35, 1.32, and 1.26 [6][8]