Q1超预期，车载业务持续高增

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company's automotive connector revenue reached 820 million RMB in 2023, a year-on-year increase of 60%, with a gross margin of 40%, slightly down by 1.5 percentage points from the previous year. Despite price reductions in the automotive supply chain, profitability remains stable [1]. - The company has successfully integrated its automotive connector products into the supply chains of major domestic automakers such as Geely, Great Wall, BYD, Changan, Chery, and Li Auto [1]. - The new BTB products are gradually maturing, with RF BTB products being mass-produced for core customers [1]. - The company's gross margin and net profit margin for 2023 were 32.4% and 11.1%, respectively, showing improvements in 2024 Q1 to 35.3% and 15.6% due to the higher proportion of high-margin automotive business revenue and scale effects reducing expense ratios [1]. Financial Forecasts, Valuation, and Rating - The company is expected to achieve a net profit attributable to shareholders of 660 million RMB and 860 million RMB in 2024 and 2025, respectively, with a revised forecast for 2026 at 1.07 billion RMB [1]. - The current stock price corresponds to a PE valuation of 26, 20, and 16 times for 2024, 2025, and 2026, respectively [1].