Espressif Systems(688018) 开源证券·2024-03-24 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][24][38] Core Insights - The company achieved a significant year-on-year revenue growth of 12.74% in 2023, reaching 1.433 billion yuan, with a net profit of 136 million yuan, up 39.95% year-on-year [24] - The introduction of the dual-core RISC-V SoC ESP32-P4, designed for high-performance and high-security applications, is expected to enhance the product matrix and meet diverse customer needs, driving growth [7][24] - The company is focused on expanding its product matrix, which is anticipated to support revenue growth and maintain strong growth momentum [6][24] Financial Summary - Revenue for 2023 was 1,433 million yuan, with a year-on-year increase of 12.7% [17] - Net profit for 2023 was 136 million yuan, reflecting a year-on-year growth of 40% [17] - The gross margin for 2023 was 40.6%, an increase of 0.58 percentage points year-on-year [17] - The company forecasts net profits of 191 million yuan, 272 million yuan, and 349 million yuan for 2024, 2025, and 2026 respectively [24] - Earnings per share (EPS) are projected to be 2.36 yuan, 3.37 yuan, and 4.32 yuan for 2024, 2025, and 2026 respectively [24] Product Performance - Chip revenue grew by 34.84% year-on-year in 2023, amounting to 547 million yuan, while module revenue increased by 1.97% to 871 million yuan [25] - The company has seen a decrease in inventory levels, with inventory down 46.02% year-on-year as of Q4 2023 [25] - R&D expenses for 2023 were 404 million yuan, a 19.75% increase year-on-year, indicating a commitment to innovation and talent acquisition [25]