出海+低空经济+智能化构筑三条成长主线

Investment Rating - The report maintains a "Buy" rating for the company [29]. Core Insights - The company achieved a revenue of 617 million yuan in Q1 2024, representing a year-on-year increase of 21%, and a net profit attributable to shareholders of 103 million yuan, up 30% year-on-year [6]. - The company is focusing on three growth lines: overseas expansion, low-altitude economy, and intelligentization [8]. - The company aims for a net profit target of 560 million yuan for 2024, which is a 25% increase compared to 2023, indicating a strong confidence in achieving its profit goals [9]. Summary by Sections Financial Performance - In Q1 2024, the company reported a net profit that aligned with forecasts, while the non-recurring net profit slightly exceeded expectations [6]. - The company’s revenue from overseas markets reached 27% of total revenue in 2023, with a gross margin approximately 20 percentage points higher than the domestic market [8]. Business Development - The company has made significant advancements in emerging businesses, including high-precision positioning technology and various applications since 2010 [7]. - Traditional business lines continue to evolve, with new product launches enhancing the company's competitive edge in sectors like construction and disaster monitoring [7]. Investment Strategy - The report suggests focusing on overseas markets, agricultural machinery, and low-altitude economy as key investment areas [9]. - The company is expected to invest heavily in core components like chips and intelligent robotics systems, which are crucial for future growth [9].