次新品高增持续，一季度业绩稳健增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is positioned as a leader in IoT communication chips, benefiting from the rapid development of the IoT industry and its own technological advancements, which support a steady long-term growth trend [9]. - The company achieved a revenue of 387 million yuan in Q1 2024, representing a year-on-year increase of 21.71%, and a net profit attributable to shareholders of 54 million yuan, up 73.43% year-on-year [26]. - The company continues to enhance its product matrix, focusing on high-performance and cost-effective product lines, which cater to a wide range of customer applications [5][27]. Financial Performance - In Q1 2024, the company reported a gross margin of 41.93%, an increase of 1.22 percentage points year-on-year, with chip and module gross margins at 47.10% and 38.06%, respectively [5]. - The company’s R&D expenses for Q1 2024 were 104 million yuan, reflecting a year-on-year increase of 21.48%, indicating a commitment to core technology development [5]. - Forecasted net profits for 2024, 2025, and 2026 are expected to be 186 million yuan, 265 million yuan, and 341 million yuan, respectively [9]. Product Development - The company has launched 11 different chip models, focusing on a "processing + connectivity" strategy, and is actively developing products related to the Wi-Fi 6E protocol [27]. - The company is increasing its investment in edge AI capabilities, with products like the ESP32-S3 supporting high-performance applications such as image recognition and voice control [27].