Q1营收高增，业绩超预期

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [9]. Core Views - The company reported a revenue of 2.144 billion yuan in 2023, representing a year-on-year increase of 21.44%. The net profit attributable to shareholders was 280 million yuan, up 36.09% year-on-year. The gross margin was 37.60%, an increase of 1.85 percentage points [2][3]. - In Q4 2023, the company achieved a revenue of 798 million yuan, a year-on-year growth of 42.10%, while the net profit was 76 million yuan, an increase of 8.98% year-on-year. The gross margin for this quarter was 31.57%, down 7.68 percentage points [2]. - For Q1 2024, the company reported a revenue of 520 million yuan, a significant year-on-year increase of 49.06%, with a net profit of 51 million yuan, up 45.89% year-on-year. The gross margin was 37.47%, down 3.88 percentage points [2][3]. - The company has a cash dividend plan for 2023, proposing a distribution of 15 yuan per 10 shares, resulting in a cash dividend rate of 58.28% [2]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 2.144 billion yuan in 2023 to 4.965 billion yuan by 2026, with year-on-year growth rates of 21.4%, 43.3%, 29.3%, and 25.0% respectively [3]. - The net profit is expected to increase from 280 million yuan in 2023 to 577 million yuan in 2026, with growth rates of 36.1%, 32.4%, 28.0%, and 21.4% [3]. - The gross margin is forecasted to improve slightly from 37.6% in 2023 to 38.7% in 2026 [3]. Business Segments - The company’s various product lines, including electric scooters, electric balance bikes, and all-terrain vehicles, showed diverse performance, with electric bicycles experiencing a remarkable year-on-year growth of 111.11% in 2023 [2]. - Geographically, the company saw significant revenue growth in the U.S. market, with a year-on-year increase of 41.29% [2]. Future Outlook - The report indicates that the company has sufficient operational flexibility for future performance, supported by a rise in contract liabilities, which increased by 22 million yuan in Q1 2024 [2]. - The earnings per share (EPS) are projected to rise from 2.57 yuan in 2023 to 5.28 yuan by 2026, with corresponding price-to-earnings (PE) ratios decreasing from 29.7 to 14.4 over the same period [3].