Q1业绩高增，AI助力成长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.77 CNY, indicating an expected increase of over 20% relative to the market benchmark index within the next six months [4][11]. Core Insights - The company reported a revenue of 79.31 billion CNY in 2023, a slight increase of 0.58% year-on-year, while net profit decreased by 15.09% to 6.71 billion CNY. In Q4 2023, revenue grew by 14% year-on-year to 21.87 billion CNY, but net profit fell by 43.24% to 0.86 billion CNY. The first quarter of 2024 showed a significant recovery with revenue of 23.92 billion CNY, up 36.06% year-on-year, and net profit of 2.10 billion CNY, up 67.72% [3][4]. Financial Data and Valuation - Revenue projections for 2024-2026 are 112.03 billion CNY, 134.77 billion CNY, and 160.38 billion CNY, respectively, with corresponding net profits of 11.31 billion CNY, 14.07 billion CNY, and 16.06 billion CNY [3][4]. - The company’s earnings per share (EPS) are expected to rise from 0.78 CNY in 2023 to 1.86 CNY by 2026, reflecting a strong growth trajectory [3][4]. - The price-to-earnings (P/E) ratio is projected to decrease from 34.7 in 2023 to 14.5 by 2026, indicating an attractive valuation as earnings grow [3][4]. Market Trends and Strategic Initiatives - The company is strategically positioned to benefit from the AI wave, focusing on high-density interconnect (HDI) products and collaborating with top international clients to enhance its product offerings in the AI server market [3][4]. - The recovery in consumer electronics is evident, with global smartphone shipments increasing by 7.8% and the PC market showing its first growth after two years of decline, which is expected to drive demand for the company's products [3][4]. - The completion of the PSL acquisition allows the company to enter the flexible circuit board market, expanding its global market share and product range [3][4].