一季度营收高速增长，盈利能力短期承压

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 128.51 CNY and a target price of 162.30 CNY [2]. Core Views - The company reported a strong revenue growth of 25.5% year-on-year in Q1 2024, achieving a revenue of 2.412 billion CNY, although it experienced a quarter-on-quarter decline of 19.9%. The net profit attributable to the parent company was 243 million CNY, up 19.2% year-on-year but down 24.3% quarter-on-quarter [3]. - The sales performance of key clients, particularly in the domestic market, has significantly contributed to revenue growth, with notable increases in sales from self-owned brands such as Chery and NIO [4]. - The company's gross margin for Q1 2024 was 19.6%, a decrease of 1.9 percentage points year-on-year and 0.8 percentage points quarter-on-quarter, indicating short-term pressure on profitability [5]. - The company has a robust pipeline with 58 new lighting development projects initiated in 2023, which is an increase of 17 projects from 2022, laying a solid foundation for future revenue growth [6]. - The company is expected to see revenue growth of 26.5%, 23.2%, and 19.3% for the years 2024, 2025, and 2026, respectively, with net profits projected to grow at 40.2%, 28.6%, and 24.8% during the same period [7]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 2.412 billion CNY, with a year-on-year growth of 25.5% and a quarter-on-quarter decline of 19.9%. The net profit was 243 million CNY, reflecting a year-on-year increase of 19.2% but a quarter-on-quarter decrease of 24.3% [3]. - The gross margin was reported at 19.6%, down 1.9 percentage points year-on-year and 0.8 percentage points quarter-on-quarter, while the net profit margin was 10.1%, down 0.5 percentage points year-on-year and 0.6 percentage points quarter-on-quarter [5]. Client Performance - Key clients such as FAW-Volkswagen and Chery saw significant sales increases, with Chery's sales up 60.5% year-on-year. However, some joint venture clients experienced declines [4]. Project Pipeline and Product Development - The company has initiated 58 new lighting projects in 2023, an increase from the previous year, and is expected to launch new products based on advanced technologies like DMD and Micro LED [6]. Revenue and Profit Forecast - The company forecasts revenues of 12.97 billion CNY, 15.97 billion CNY, and 19.05 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.545 billion CNY, 1.987 billion CNY, and 2.479 billion CNY [7].