Sunlord(SZ:002138) Tebon Securities·2024-04-17 13:30Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown strong revenue growth, with Q1 2024 revenue reaching 1.259 billion yuan, a year-on-year increase of 22.86%, and net profit growing by 111.26% to 170 million yuan [5] - The company is benefiting from a recovery in demand for consumer electronics and domestic substitution trends, with traditional business segments expected to maintain stable growth [6] - New business areas such as automotive electronics and energy storage are experiencing rapid growth, contributing significantly to overall revenue [7] Summary by Sections Market Performance - The company's stock has seen a relative decline of 34% from April 2023 to August 2023, with a comparison to the CSI 300 index showing a negative absolute return [4] Financial Performance - In Q1 2024, the company achieved a gross profit of 465 million yuan, a 41.05% increase year-on-year, with a gross margin of 36.95% [5] - The company’s R&D expenses reached approximately 107 million yuan in Q1 2024, reflecting a 19.92% increase, indicating a strong commitment to innovation [5] Business Segments - Revenue from signal processing products was 537 million yuan, up 27.87% year-on-year, while power management products saw a slight decline of 0.07% to 410 million yuan [6] - The automotive electronics and energy storage sectors generated 190 million yuan in revenue, a significant increase of 93.42% year-on-year, highlighting the company's strategic expansion into new markets [7] Future Projections - The company’s revenue forecasts for 2024-2026 have been adjusted to 6.118 billion yuan, 7.392 billion yuan, and 8.795 billion yuan respectively, with net profit projections of 877 million yuan, 1.034 billion yuan, and 1.275 billion yuan [8]