24Q1收入同比高增，毛利率环比企稳

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 141.93 CNY per share, compared to the current price of 123.51 CNY [3]. Core Insights - In Q1 2024, the company achieved a revenue of 653 million CNY, representing a year-on-year increase of 70.27%. The net profit attributable to shareholders was 28 million CNY, marking a turnaround from losses, while the net profit excluding non-recurring items was 9 million CNY, also showing a turnaround [1][2]. - The comprehensive gross margin for Q1 2024 was 32.93%, which is a decrease of 2.76 percentage points year-on-year but an increase of 0.38 percentage points quarter-on-quarter. The decline in gross margin is attributed to changes in product mix and rising costs [1]. - The company continues to introduce its AIOT SOC products to multiple brand clients, with the BES 2800 series successfully launched. This new chip, built on a 6nm FinFET process, is expected to enter mass production in 2024 [2]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 1.89 CNY, 3.36 CNY, and 4.81 CNY, respectively. The report anticipates a price-to-earnings (P/E) ratio of 75x for 2024, leading to a reasonable valuation of 141.93 CNY per share [2][7]. Financial Summary - The company reported a revenue of 2,176 million CNY in 2023, with a growth rate of 46.6%. Projections for 2024, 2025, and 2026 indicate revenues of 2,877 million CNY, 3,713 million CNY, and 4,607 million CNY, respectively, with growth rates of 32.2%, 29.1%, and 24.1% [7]. - The net profit attributable to shareholders for 2024 is projected to be 227 million CNY, reflecting an 83.7% increase from 2023. The net profit for 2025 and 2026 is expected to be 403 million CNY and 578 million CNY, respectively [7]. - The report highlights a gross margin of 34.2% for 2023, with expectations of 35.0% in 2024, 36.0% in 2025, and 36.9% in 2026 [7].