2023年收入同比增长30%，一季度毛利率环比回升

Investment Rating - The investment rating for the company is "Buy" [1][4][17] Core Views - The company achieved a revenue of 2.982 billion yuan in 2023, representing a year-on-year growth of 30.32%, and a net profit of 112 million yuan, up 110.31% year-on-year [1] - The gross margin decreased by 5.9 percentage points to 24.76% due to price pressure on 4G products, but the gross margin for Q1 2024 improved to 28.07% [1] - The company’s revenue from RF power amplifier modules exceeded 2.633 billion yuan, accounting for 88% of total revenue, with a year-on-year growth of 31.34% [1] - New products such as L-PAMiD and Wi-Fi 7 have successfully entered mass production, with expectations for DRx to achieve mass production sales in 2024 [1] Financial Forecasts - The projected net profits for 2024, 2025, and 2026 are 338 million yuan, 539 million yuan, and 649 million yuan respectively, with corresponding EPS of 0.81 yuan, 1.29 yuan, and 1.55 yuan [2][15] - The company’s revenue is expected to grow to 3.34 billion yuan in 2024, with a growth rate of 12% [2] - The PE ratios for 2024, 2025, and 2026 are projected to be 65, 41, and 34 respectively [1][2]