AIMA TECHNOLOGY GROUP CO.(SH:603529) KAIYUAN SECURITIES·2024-04-27 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 4.95 billion yuan in Q1 2024, a year-on-year decrease of 9.0%, while the net profit attributable to the parent company was 480 million yuan, an increase of 1.2% [5] - The report maintains the 2024 profit forecast but lowers the profit estimates for 2025-2026, projecting net profits of 2.278 billion, 2.763 billion, and 3.380 billion yuan for 2024-2026 respectively [5] - The company is expected to benefit from product upgrades and channel deepening, with a focus on high-margin new products driving profit growth [5] Financial Performance Summary - In Q1 2024, the company experienced a decline in sales volume by approximately 11% due to high base effects and external factors such as adverse weather conditions [6] - The average selling price (ASP) per unit increased by 2%, and unit profit is expected to rise by about 14% due to successful product structure adjustments and cost control measures [6] - The overall gross margin for Q1 2024 was 18.0%, an increase of 2.2 percentage points, while the net profit margin was 9.9%, up by 1.0 percentage point [7] Future Outlook - The company is anticipated to enter a phase of simultaneous volume and price growth in Q2 2024, supported by favorable policies and a low base from the previous year [7] - The management expresses confidence in achieving the annual targets set at the beginning of the year, with expectations of benefiting from industry improvements [7] - The report highlights the company's strong competitive position in product development and channel management, suggesting a positive outlook for the upcoming quarters [7]