2024年一季报点评：营收低于预期，经营态势向好

Investment Rating - The report assigns a rating of "Buy" to the company, with a target price of 203.88 CNY, down from the previous target of 214.00 CNY [1][2]. Core Views - The company's revenue fell short of expectations, but its profitability remains strong. The report highlights that the company has adjusted its profit forecasts downward due to personnel fluctuations impacting performance [1][2]. - The company is expected to commence production overseas in the second half of the year, with high-end products already in the pipeline [1][2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 731 million CNY, representing a year-on-year growth of 154.95%. The net profit attributable to shareholders was 278 million CNY, a year-on-year increase of 202.68% [1][2]. - The report notes that the company's performance was impacted by overestimated non-source income and significant personnel changes during the Spring Festival [1][2]. Profitability Forecast - The report projects a decline in net profit margins for 2026 to 6.06%, -1.48%, and -3.71% respectively, with corresponding EPS of 3.73, 5.66, and 7.07 CNY [1][2]. - The company is expected to maintain a high profitability level, with a projected operating profit margin of 43.5% for 2024 [1][2]. Business Outlook - The company is expanding its overseas production capabilities, with a factory in Thailand expected to begin trial production in the first half of the year [1][2]. - The report anticipates that the company's active and passive product lines will begin shipping from overseas, enhancing service to the Thai optical communication cluster and global customers [1][2]. Financial Metrics - The company reported a total revenue of 1,939 million CNY for 2023, with a projected revenue of 3,875 million CNY for 2024 [2][5]. - The net profit for 2023 is estimated at 730 million CNY, with projections of 1,474 million CNY for 2024 [5]. Investment Highlights - The report emphasizes the company's strong operational performance and the positive outlook for its high-end product lines, which are expected to drive profitability [1][2].