境内营收占比提升，研发投入持续加强

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [7][21]. Core Insights - The company has seen a significant increase in domestic revenue, with a 36.51% year-on-year growth in its main business revenue from domestic markets in 2023, effectively countering the downturn in the semiconductor industry [15]. - The company has increased its R&D investment, reaching 237 million yuan in 2023, a 69.45% increase year-on-year, which now accounts for 72.05% of its revenue [15]. - The company is expected to recover in profitability in Q1 2024, with a revenue of 81.81 million yuan, a 27.97% year-on-year increase, indicating a potential turnaround [14][15]. Financial Summary - The company reported a revenue of 329 million yuan in 2023, with a year-on-year growth of 18.07%, but a net loss of 56.32 million yuan [14]. - Revenue projections for 2024, 2025, and 2026 are estimated at 409 million yuan, 515 million yuan, and 638 million yuan respectively, with corresponding net losses of 57 million yuan, 44 million yuan, and 25 million yuan [14][15]. - The company’s P/S ratios are projected to be 16, 13, and 10 for the years 2024, 2025, and 2026 respectively [14].