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" [1][6][22] Core Views - The company achieved a revenue of 7.72 billion yuan in 2023, representing a year-on-year growth of 36.7%, and a net profit of 560 million yuan, up 54.6% year-on-year [1][11] - In Q1 2024, the company reported 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 [1][11] - The gross margin for wireless communication module products improved to 23.1% in 2023, an increase of 3.3 percentage points year-on-year, driven by scale effects and integration of resources post-acquisition [1][11] - The company is focusing on large market segments such as PC, automotive, and gateways, with expectations of continued growth in these areas [1][11] - The company is investing in R&D, with a research expense ratio of 9.2% in 2023, and is actively developing smart module products, including those for robotic applications [1][11] 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% [1][11] - The Q1 2024 results showed a revenue of 2.12 billion yuan and a net profit of 190 million yuan, reflecting year-on-year growth of 17.1% and 33.8% [1][11] - The gross margin for 2023 was 23.1%, up 3.3 percentage points from the previous year, while Q1 2024 saw a slight increase to 21.5% [1][11] Market Position and Strategy - The company is a leader in the module industry, focusing on PC, automotive, and gateway markets, with a positive outlook for growth driven by new customer acquisition and increased penetration of 5G products [1][11] - The FWA market is projected to grow significantly, with expected router and gateway spending reaching 4 billion USD by 2027 [1][11] Research and Development - The company maintains a strong commitment to R&D, with a 9.2% R&D expense ratio in 2023, and has launched several smart module products [1][11] - A dedicated smart computing product line has been established, focusing on applications such as robotic lawn mowers [1][11]