24Q1业绩同比高增，AMOLED占比稳步提升

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating strong confidence in its future performance [1][4] Core Views - The company's 24Q1 performance showed significant year-over-year growth, with AMOLED products steadily increasing their market share [1] - The company achieved a revenue of 1,629 million yuan in 2023, a 23.71% increase year-over-year, with a net profit of 372 million yuan, up 22.59% [1] - AMOLED products accounted for approximately 20% of the company's revenue in 2023, showing a rising trend [1] - The company's 24Q1 revenue reached 443 million yuan, a 43.74% increase year-over-year, with a net profit of 76.69 million yuan, up 150.51% [1] Display Driver Chip Packaging and Testing - The company's display driver chip packaging and testing revenue in 2023 was 1,463 million yuan, a 25.29% increase year-over-year, with a gross margin of 36.43% [1] - The company is the largest display driver chip packaging and testing enterprise in China and ranks third globally [1] - The company has successfully entered the Japanese and Korean markets and is leveraging the display industry cluster in Hefei [1] - The Hefei plant, with an initial capacity of 10,000 wafers per month for bumping and wafer testing, began mass production in 2024 [1] Non-Display Packaging and Testing - The company's non-display chip packaging and testing revenue in 2023 was 130 million yuan, an 8.09% increase year-over-year, with a gross margin of 31.65% [1] - The company aims to increase the revenue share of non-display business to 30% within five years [1] - The Suzhou plant is focusing on expanding non-display products, including power management chips and RF front-end chips [1] Financial Projections - The company's revenue is projected to be 2,037 million yuan in 2024, 2,562 million yuan in 2025, and 3,239 million yuan in 2026, with year-over-year growth rates of 25.0%, 25.8%, and 26.4% respectively [1][5] - Net profit is expected to be 481 million yuan in 2024, 643 million yuan in 2025, and 878 million yuan in 2026, with growth rates of 29.5%, 33.5%, and 36.6% respectively [1][5] - The company's P/E ratio is projected to be 25.2 in 2024, 18.9 in 2025, and 13.8 in 2026 [1][5] Industry and Market Position - The company is a leader in the display driver chip packaging and testing industry, with advanced 28nm process capabilities [1] - The company's "125mm large-panel flip-chip packaging technology" is suitable for high-end smartphone AMOLED screens [1] - The company is well-positioned to benefit from the growing demand for AMOLED products in various applications [1]