Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 44.53 billion yuan in Q1 2024, representing a year-on-year growth of 200.54% and a quarter-on-quarter increase of 22.6% [6][7] - The actual net profit margin for Q1 2024 exceeded 10% after adjusting for stock option expenses [6] - The company has two leading storage brands, FORESEE and Lexar, with significant market shares in various storage product categories [6] - The company is expanding its product offerings from consumer-grade to enterprise-grade and automotive-grade storage solutions, capitalizing on the growing demand for data storage [6] - The company is accelerating the development of self-researched SLC/MLC NAND Flash and control chips, establishing a core competitive barrier [6] Financial Summary - In 2023, the company achieved a total revenue of 101.25 billion yuan, with a year-on-year growth of 21.55% [6][8] - The projected revenues for 2024, 2025, and 2026 are 14.657 billion yuan, 18.377 billion yuan, and 24.320 billion yuan respectively, with expected growth rates of 44.8%, 25.4%, and 32.3% [7][8] - The net profit for Q1 2024 was 3.84 billion yuan, with a net profit margin of 8.6% [6][7] - The company’s gross margin for Q1 2024 was 24.4%, showing a significant increase from previous periods [6][7]
1Q24营收同比增长2倍，实际净利率逾10％