2024Q1净利润高增长，产品矩阵不断拓展

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 1.433 billion yuan in 2023, representing a year-on-year growth of 12.74%, and a net profit attributable to shareholders of 136 million yuan, up 39.95% year-on-year [2] - In Q1 2024, the company reported a revenue of 387 million yuan, a year-on-year increase of 21.71%, and a net profit attributable to shareholders of 54 million yuan, growing 73.43% year-on-year [2] - The product matrix is continuously expanding, meeting a broader range of customer application needs, with significant contributions from both new and existing customers [2][4] Revenue and Profit Analysis - In 2023, the company's revenue was 1.433 billion yuan, with a net profit of 136 million yuan, and in Q1 2024, revenue reached 387 million yuan with a net profit of 54 million yuan [2] - The gross margin for 2023 was 40.56%, increasing by 0.58 percentage points year-on-year, while Q1 2024 gross margin was 41.9%, up 1.2 percentage points year-on-year [2][5] - The company’s R&D expenses in 2023 were 404 million yuan, a year-on-year increase of 19.75%, with a focus on maintaining core technology development [5] Financial Forecast - The company is expected to achieve revenues of 1.791 billion yuan in 2024, 2.306 billion yuan in 2025, and 2.897 billion yuan in 2026, with year-on-year growth rates of 25%, 28.7%, and 25.6% respectively [6][12] - The net profit attributable to shareholders is projected to be 187 million yuan in 2024, 265 million yuan in 2025, and 356 million yuan in 2026, with growth rates of 37.6%, 41.1%, and 34.5% respectively [6][12] Product Development - The company’s product lines include high-performance and cost-effective categories, with the ESP32-C3 and ESP32-C2 series rapidly gaining market acceptance [4] - The ESP32-S3 series is expected to enhance AI applications, featuring vector instructions for accelerating neural network computations [4]