2023年度业绩点评：2024年有望切入iPhone后摄，中长期发展逻辑清晰

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company is expected to enter the iPhone rear camera market in 2024, with a clearer long-term development logic. The anticipated market share may exceed previous expectations [2]. - The company's 2023 performance was slightly below expectations, primarily due to pressure on the iPad business, with a revenue decline of 17.2% year-on-year [2]. - The company has a stable long-term partnership with a major client in the front camera sector, which is expected to facilitate entry into the rear camera market [2]. - The iPad business is projected to see growth in both volume and price in 2024, driven by the release of new models and ongoing optical upgrades [2]. - The LiDAR market is expanding, with significant growth expected in automotive applications, and the company has a strong order outlook due to its partnership with a leading LiDAR firm [2]. - The company is well-positioned in the MR supply chain, with expectations for growth driven by the upcoming launch of Vision Pro [2]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of $924 million, a year-on-year decrease of 17.2$367 million and $557 million respectively [2]. - Gross profit for 2023 was$128 million, with a gross margin decline of 1.8 percentage points to 13.8% [2]. - The net profit for 2023 was $47 million, a year-on-year decline of 44.7$90 million, with a projected growth rate of 91% [3]. - The revenue forecast for 2024 is $1.618 billion, reflecting a growth rate of 75.1$330 million in 2022 to $4.65 billion by 2028, with a compound annual growth rate (CAGR) of 55% [2].