收入高增持续兑现，海外项目有望提振盈利能力

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 142.94 CNY per share, reflecting a reasonable PE of 35 times for 2024 [4][16]. Core Views - The company's revenue performance is in line with expectations, with a significant increase in revenue driven by new products and key customer growth. In Q1 2024, the company reported revenue of 5.65 billion CNY, a year-on-year increase of 41.8%, and a net profit attributable to shareholders of 380 million CNY, up 16.4% year-on-year [2][13]. - The company is expected to benefit from overseas projects, which are anticipated to contribute significantly to performance by 2026. Recent breakthroughs in Europe and Japan indicate a positive outlook for long-term profitability [2][14]. - The report forecasts net profits for 2024-2026 to be 2.267 billion CNY, 2.962 billion CNY, and 4.195 billion CNY, respectively, driven by a robust order book and successful business expansion [16][19]. Financial Summary - In Q1 2024, the company achieved a gross margin of 19.34%, a decrease of 1.75 percentage points year-on-year, primarily due to the faster growth of lower-margin intelligent driving business and OEM price competition [2][13]. - The company expects a revenue growth rate of approximately 31.4% for 2024, which is projected to help reduce the expense ratio significantly [2][13]. - The company’s financial metrics indicate a strong growth trajectory, with expected revenue growth rates of 56.0% in 2022, 46.7% in 2023, and 31.4% in 2024 [19][20]. Profitability and Valuation - The report highlights the company's strong market position and growth certainty, with a projected ROE of 22% for 2024, compared to lower figures for comparable companies [16][17]. - The company is expected to see a significant increase in profitability, with net profit growth rates projected at 46.6% for 2024 and 30.7% for 2025 [19][20]. Strategic Outlook - The company is making substantial progress in international markets, with new projects from major clients like Volkswagen and Audi, and plans for a new factory in Europe [2][14]. - The report emphasizes the potential benefits from advancements in AI and smart vehicle technology, which could enhance the company's core business prospects [14].