一季度收入同环比均增长

Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Insights - The company achieved a revenue of 381 million yuan in 2023, a year-over-year decrease of 23.96%, with a net profit attributable to the parent company of 15 million yuan, down 91.14% year-over-year. The gross margin decreased by 7.6 percentage points to 47.43% [1]. - In Q1 2024, the company reported a revenue of 128 million yuan, representing a year-over-year increase of 70% and a quarter-over-quarter increase of 50%. The net profit attributable to the parent company was 16 million yuan, up 61% year-over-year and 191% quarter-over-quarter [1]. - The company significantly increased its R&D expenses by 108% to 146 million yuan in 2023, with a research expense ratio of 38.4%. The number of R&D personnel increased to 188 by the end of 2024 [1]. - The company is expanding its product offerings and customer base, successfully introducing products in the automotive, AI terminal, and server sectors [1]. Financial Forecasts - The forecasted net profits for the company from 2024 to 2026 are 91 million yuan, 133 million yuan, and 174 million yuan, respectively. The corresponding price-to-earnings ratios (PE) for 2024 are projected to be 51x, 35x, and 27x for the following years [1][4].