中小盘信息更新：下游应用场景开花结果，导航定位龙头稳健前行

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of performance that will exceed the market by more than 20% [8][29]. Core Insights - The company has achieved significant results in expanding its downstream market, establishing itself as a leader in high-precision satellite navigation and positioning technology [4][25]. - In Q1 2024, the company reported total revenue of 617 million yuan, a year-on-year increase of 20.53%, and a net profit attributable to shareholders of 103 million yuan, up 30.35% year-on-year [24]. - The company continues to invest in research and development, with R&D expenses in Q1 2024 reaching 107 million yuan, a 20.56% increase year-on-year, enhancing its core technological capabilities [11][24]. Financial Summary - The company's financial performance shows a steady growth trajectory, with projected revenues of 3.45 billion yuan in 2024, 4.28 billion yuan in 2025, and 5.12 billion yuan in 2026, reflecting year-on-year growth rates of 28.8%, 24.1%, and 19.7% respectively [26]. - The gross profit margin for Q1 2024 was 58.80%, with a net profit margin of 16.29%, indicating improved profitability [11][24]. - The earnings per share (EPS) are projected to be 1.03 yuan in 2024, 1.29 yuan in 2025, and 1.56 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 28.1, 22.5, and 18.6 [24][26].