SiC模块出样，海外市场复苏可期

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant increase in net profit over the next few years [2][5]. Core Insights - The company achieved a revenue of 5.41 billion yuan in 2023, a slight increase of 0.12% year-on-year, while the net profit attributable to shareholders decreased by 12.85% to 0.92 billion yuan [2][3]. - The company is focusing on enhancing its SiC (Silicon Carbide) product line, having launched G1 and G2 series SiC MOS products, and is planning to mass-produce domestically developed SiC modules by 2025 [2][3]. - The overseas revenue contribution was 24.76% in 2023, reflecting a decline of 7.07% year-on-year, but the company anticipates a recovery in overseas markets [2][3]. Financial Performance Summary - Revenue is projected to grow significantly from 5.41 billion yuan in 2023 to 10.01 billion yuan by 2026, with annual growth rates of 23.88%, 24.32%, and 20.12% for the years 2024, 2025, and 2026 respectively [3][4]. - The net profit attributable to shareholders is expected to increase from 0.92 billion yuan in 2023 to 1.79 billion yuan in 2026, with growth rates of 9.98%, 35.53%, and 30.18% for the respective years [3][4]. - The company's EBITDA is forecasted to rise from 1.31 billion yuan in 2023 to 3.40 billion yuan in 2026, indicating a strong improvement in operational efficiency [3][4].