24Q1业绩亮眼，新能源汽车+机器人打开未来成长空间

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company reported strong financial performance in 2023 and Q1 2024, with a year-on-year net profit growth of over 50% in Q1 2024. The revenue for 2023 reached 411 million yuan, a 27.37% increase, while the net profit was 175 million yuan, up 23.13% [2]. - The growth is attributed to the expanding market share in sectors such as white goods and new energy vehicles, which are high-margin products [7]. - The company is expected to benefit from the ongoing industrial 4.0 wave, with increasing demand for high-performance motor drive control chips [7]. Financial Performance Summary - In 2023, the company achieved a revenue of 411 million yuan, a 27.37% increase year-on-year, and a net profit of 175 million yuan, a 23.13% increase [2][20]. - For Q1 2024, the company reported a revenue of 116 million yuan, a 31.14% increase year-on-year, and a net profit of 51 million yuan, a 26.87% increase [2]. - The company forecasts revenues of 535 million yuan, 683 million yuan, and 860 million yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 211 million yuan, 270 million yuan, and 339 million yuan [7][20]. R&D and Future Growth - The company has significantly increased its R&D investment, with a R&D expense ratio of 20.58% in 2023, reflecting a commitment to innovation in chip technology [19]. - The report highlights the potential for growth in the robotics sector and other emerging industries due to the company's strong technological foundation [7].