BPSemi(SH:688368) EBSCN·2024-04-10 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company's 2023 performance shows signs of recovery, with sales revenue reaching 1.303 billion yuan, a year-on-year increase of 20.74%. The net profit attributable to shareholders was a loss of 89 million yuan, improving by 117 million yuan compared to the previous year [1] - The AC/DC power management chip business is entering a market expansion phase, with significant growth in product sales and revenue. The company has launched new products and established stable supply relationships with major domestic brands [2] - The acquisition of a controlling stake in Nanjing Lingou Chuangxin Electronics Co., Ltd. is expected to enhance revenue and create synergies in product offerings [2] - The company has adjusted its profit forecasts for 2023-2025, reflecting a shift from profit to loss for 2023, with a projected net profit of -89 million yuan, down from a previous estimate of 760 million yuan [11] Financial Performance Summary - In 2023, the company achieved sales revenue of 1.303 billion yuan, with a growth rate of 20.74% compared to the previous year [1] - The net profit attributable to shareholders was -89 million yuan, showing a significant reduction in losses compared to the previous year [1] - The company's earnings per share (EPS) for 2023 is projected at -1.42 yuan, with a price-to-earnings (P/E) ratio of N/A [11] - The return on equity (ROE) is projected to be -6.21% for 2023, indicating a challenging year ahead [11] Market Data - The total market capitalization of the company is 4.22 billion yuan, with a total share count of 63 million shares [6] - The stock price has fluctuated between 52.33 yuan and 185.36 yuan over the past year [6]