3PEAK(688536) 民生证券·2024-04-02 16:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [9][7]. Core Views - The company reported a significant decline in revenue for 2023, with total revenue of 1.094 billion yuan, down 38.68% year-on-year, and a net profit attributable to shareholders of -35 million yuan, a decrease of 113.01% [7][5]. - Despite the challenges faced in 2023, the company is showing signs of recovery, particularly in Q4, where revenue improved significantly, indicating a potential operational turning point [7][6]. - The company is actively launching new products in signal chain and power management sectors, which are expected to enhance its market position [7][6]. - The acquisition of Chuangxin Microelectronics is aimed at broadening the product line and strengthening the supply chain, particularly in the consumer and automotive sectors [7][6]. - The company is making strides in the automotive market, with over 110 products launched, indicating a steady increase in the value per vehicle [7][6]. Financial Summary - The forecast for the company's financial performance shows a gradual recovery, with expected net profits of 114 million yuan in 2024, 323 million yuan in 2025, and 537 million yuan in 2026 [7][5]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 120, 42, and 25 respectively, suggesting a favorable valuation trend as earnings improve [8][11]. - The company is expected to achieve a gross margin of 51.79% in 2023, with a slight increase to 53.30% by 2025 [5][7].