一季度净利润同比增长34%，布局智能计算产品线

Investment Rating - The investment rating for the company is "Buy" [7][28]. Core Views - The company reported a revenue of 7.72 billion yuan in 2023, representing a year-on-year growth of 36.7%, and a net profit attributable to shareholders of 560 million yuan, up 54.6% year-on-year [7][28]. - In Q1 2024, the company achieved a revenue of 2.12 billion yuan, a 17.1% increase year-on-year, and a net profit of 190 million yuan, growing 33.8% year-on-year, indicating a steady growth trend [7][28]. - The gross margin for wireless communication module products in 2023 was 23.1%, an increase of 3.3 percentage points year-on-year, driven by scale effects and improved supply chain integration [7][28]. - The company is focusing on large market segments such as PC, automotive, and gateways, with expectations of continued growth in these areas [7][28]. - The company has established a smart computing product line, targeting applications in robotic lawn mowers, and has maintained a high R&D expense ratio of 9.2% in 2023 [7][28]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 7.72 billion yuan and a net profit of 560 million yuan, with respective year-on-year growth rates of 36.7% and 54.6% [7][28]. - The forecast for net profit for 2024-2026 is set at 710 million, 870 million, and 1.04 billion yuan, with corresponding PE ratios of 18, 14, and 12 times [7][28]. Market Position - The company is a leader in the vertical module industry, focusing on the PC, automotive, and gateway markets, with a positive outlook for growth driven by new customer acquisition and increased penetration of 5G products [7][28]. - The FWA market is projected to see router and gateway spending reach 4 billion USD by 2027, indicating a strong growth potential [7][28]. Research and Development - The company has committed to continuous R&D investment, launching several smart module products in 2023 and establishing a dedicated smart computing product line [7][28].