Q1业绩高增长，卡片机新老产品接力持续放量

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.86 CNY per share, indicating an expected performance that exceeds the market by over 15% in the next 12 months [17][16]. Core Insights - The company achieved a revenue of 816 million CNY in 2023, representing a year-on-year growth of 34.97%, and a net profit of 51.96 million CNY, marking a return to profitability [29]. - The growth was driven by significant increases in sales from gaming equipment and anime IP derivative products, with overseas sales reaching 100 million CNY [19]. - The company is expected to continue its growth trajectory, with projected revenues of 976 million CNY and 1.13 billion CNY for 2024 and 2025, respectively, reflecting growth rates of 19.6% and 16.2% [20]. Financial Summary - The company reported a net profit of 199.8 million CNY in Q1 2024, a substantial increase of 247.51% year-on-year, driven by strong sales in gaming equipment and card machines [29]. - The EBITDA for 2023 was 193 million CNY, with an expected increase to 184 million CNY in 2024 [20]. - The projected earnings per share (EPS) for 2024 is 0.49 CNY, with a price-to-earnings (P/E) ratio of 32.27 [20]. Business Segments - The gaming equipment segment generated 3.98 billion CNY in sales in 2023, up 27.28% year-on-year, while anime IP derivative products saw a remarkable growth of 75.64% [19]. - The company plans to distribute a cash dividend of 2.0 CNY per 10 shares, totaling 29.34 million CNY, which represents 56.5% of the annual profit [19].