2024Q1季报点评报告：加大研发销售布局未来，ADA等新品放量可期

Investment Rating - The investment rating for the company is "Buy" (maintained) as of April 29, 2024 [3][10]. Core Views - The company has achieved revenue growth of 8.19% year-on-year in Q1 2024, reaching 152 million yuan, despite a high base in Q1 2023 [5][12]. - The company is focusing on expanding its presence in automotive electronics, new energy, and semiconductors while maintaining its advantages in the consumer electronics sector [5][12]. - The company is increasing its R&D and sales expenditures to foster long-term growth, which has temporarily impacted profits [12][13]. - The company is expected to see a gradual increase in the shipment of new products, including the ADA intelligent platform and high-end five-axis machine tools [6][13]. Financial Summary - Revenue projections for 2024-2026 are 651 million yuan, 851 million yuan, and 1.106 billion yuan, respectively, with corresponding net profits of 96 million yuan, 125 million yuan, and 201 million yuan [6][7]. - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 24X, 18X, and 11X, respectively, indicating a favorable long-term outlook [6][7]. - R&D expenses in Q1 2024 were 28.21 million yuan, up 25.05% year-on-year, while sales expenses increased by 60.42% to 39.41 million yuan [13].