Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 34.98 yuan [3]. Core Views - The company reported a revenue of 2.147 billion yuan in Q1 2024, a year-on-year decrease of 0.24%, and a net profit attributable to shareholders of only 0.02 million yuan, down 98.07% year-on-year [1]. - The macroeconomic uncertainty has posed significant challenges to the ICT industry, leading to a decline in market capacity for the first time in nearly four years. However, the long-term outlook remains positive due to the growth of the digital economy [1]. - The company is expected to benefit from the acceleration of digital infrastructure construction driven by the AI wave, with projected net profits of 650 million yuan, 850 million yuan, and 1.09 billion yuan for 2024, 2025, and 2026 respectively [2][3]. Financial Performance Summary - In Q1 2024, the company achieved a gross margin of 38.52%, a decrease of 3.82 percentage points year-on-year, and a net margin of 0.11%, down 5.44 percentage points year-on-year [1]. - The company's operating expenses increased due to the expansion of its business scale, with a year-on-year increase in the expense ratio of 3.03 percentage points [1]. - The forecast for total revenue is 11.542 billion yuan for 2023, with expected growth rates of 1.9%, 28.5%, 16.1%, and 12.5% for the years 2024 to 2026 [3][7]. Market Position and Product Competitiveness - The company ranks first in the local computing cloud terminal market and has maintained the top position in the IDV cloud desktop market for three consecutive years. It also leads in the WLAN market with Wi-Fi6 product shipments for five consecutive years [2]. - The company has become a new member of the Ethernet Alliance in the data center network field and has introduced advanced products such as 400G data center switches [2]. - The company’s GPU cloud solutions won the PConline 2023 Annual Technology Innovation Award, showcasing its commitment to innovation in cloud office solutions [2].
2024年一季报点评：Q1业绩承压，顺应AI浪潮夯实产品竞争力