业绩阶段性承压，行业复苏下期待后续回暖

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported a revenue of 825 million yuan in Q1 2024, a year-on-year decrease of 6.59%. However, the net profit attributable to shareholders increased by 72.57% to 14 million yuan, while the net profit excluding non-recurring items dropped by 80.52% to 8 million yuan [2]. - The DLP market's decline has narrowed, with the overall sales of China's smart projection market increasing by 8.7% year-on-year to 1.443 million units in Q1 2024. The DLP sales decline has reduced from double digits to single digits, and the market share of laser projection has doubled to 9.1% [2]. - The company has launched competitive new products in 2024, including the RS 10 Ultra in the laser projection segment, priced from 9,999 yuan, and the Play5 in the DLP segment, starting at 1,799 yuan, which is lightweight and offers strong competitiveness [2]. Financial Performance Summary - In Q1 2024, the company's gross margin decreased by 6.80 percentage points year-on-year to 28.05%, attributed to product price reductions and adjustments in product mix. The net profit margin increased by 4.17 percentage points year-on-year to 1.72% [3]. - The company forecasts net profits attributable to shareholders of 127 million yuan, 156 million yuan, and 182 million yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 5.4%, 22.8%, and 16.5% [3]. - The financial indicators show a projected revenue of 3.628 billion yuan in 2024, with a year-on-year growth rate of 2.0%, and a projected EPS of 1.81 yuan [5].