业绩持续高增，国产算力领军地位不断验证

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company achieved a revenue of 1.592 billion yuan in Q1 2024, representing a year-over-year increase of 37.09%, with a net profit attributable to shareholders of 289 million yuan, up 20.53% year-over-year [1] - The company is positioned as a leader in domestic computing power, with its CPU and DCU products demonstrating excellent performance and a continuously improving ecosystem [1] - The development of AI has reached a strategic height, accelerating the construction of domestic intelligent computing centers [1] Financial Performance - Revenue for 2022 was 5.125 billion yuan, increasing to 6.012 billion yuan in 2023, with projected revenues of 8.275 billion yuan, 11.060 billion yuan, and 14.473 billion yuan for 2024, 2025, and 2026 respectively [2][5] - Net profit attributable to shareholders was 804 million yuan in 2022, rising to 1.263 billion yuan in 2023, with forecasts of 1.736 billion yuan, 2.293 billion yuan, and 2.945 billion yuan for the following three years [2][5] - The company’s EPS is projected to grow from 0.35 yuan in 2022 to 1.27 yuan by 2026 [2][5] Market Position and Strategy - The company holds a rare domestic x86 design capability and is one of the few integrated circuit design firms with both high-end general-purpose processors and co-processor R&D capabilities [2] - The report highlights the importance of the x86 architecture and CUDA ecosystem, which are critical barriers to entry in the semiconductor industry [2] - The company is expected to benefit from the increasing demand for its products as the performance of its offerings continues to iterate [2]