Investment Rating - The report maintains an "Accumulate-A" rating for the company [3][15]. Core Views - In Q1 2024, the company achieved a revenue of 224.35 million, representing a year-on-year growth of 100.21%, significantly improving its profitability [15]. - The company's net profit attributable to shareholders was -1.60 million, with a year-on-year increase of 72.47%, while the non-recurring net profit was -4.57 million, up 52.84% year-on-year [15]. - The growth in revenue is attributed to the successful validation and introduction of products by downstream users, leading to increased sales [15]. Financial Data and Valuation - Revenue projections for 2024-2026 are 463 million, 656 million, and 925 million, with year-on-year growth rates of 46.0%, 41.7%, and 40.9% respectively [5][15]. - Net profit forecasts for the same period are 231 million, 320 million, and 438 million, with corresponding growth rates of 40.0%, 38.3%, and 36.6% [5][15]. - The report indicates an EPS of 0.58, 0.80, and 1.09 for 2024, 2025, and 2026, with P/E ratios of 57.5, 41.6, and 30.4 respectively based on the closing price of 33.30 on April 30 [5][15]. - The gross margin for Q1 2024 was 80.58%, an increase of 4.81 percentage points year-on-year, while the net margin improved to -7.14%, up 44.8 percentage points year-on-year [15].
2024Q1公司营收同比增长超100%，带动盈利能力显著改善