Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The demand recovery continues to validate the core logic, and cost disturbances do not alter the fundamental outlook [4] - The company reported a revenue growth of 30.8% year-on-year in Q1 2024, with revenues reaching 2.83 billion yuan [4] - The net profit attributable to the parent company decreased by 26.7% year-on-year to 185 million yuan in Q1 2024, primarily due to delayed cost pass-through [4] - Operating cash flow showed a significant decline of 159.05% year-on-year, attributed to increased cash payments for raw materials to expand business scale [4] - The company maintains its profit forecast, expecting net profits of 1.48 billion, 1.71 billion, and 1.93 billion yuan for 2024-2026, representing year-on-year growth of 15.7%, 15%, and 13.2% respectively [4] Revenue and Profitability - Q1 2024 revenue from smart interactive displays, innovative displays, and smart TVs increased by 11.28%, 114.62%, and 16.77% year-on-year, respectively [5] - The gross margin for Q1 2024 was 12.6%, down 6.46 percentage points year-on-year, while the net margin was 6.5%, down 5.19 percentage points year-on-year [5] - The company has increased its sales expenses by 86.04% year-on-year to 88.54 million yuan, reflecting a stronger brand promotion effort [5] Financial Forecasts - The company forecasts revenues of 15.3 billion, 17.2 billion, and 18.99 billion yuan for 2024-2026, with year-on-year growth rates of 13.8%, 12.7%, and 10.1% respectively [6] - The expected earnings per share (EPS) for 2024-2026 are 2.16, 2.49, and 2.82 yuan, with corresponding price-to-earnings (P/E) ratios of 11.6, 10.1, and 8.9 [6] - The gross margin is projected to improve gradually, reaching 18.2%, 18.4%, and 18.6% for 2024-2026 [6]
公司信息更新报告：需求延续恢复验证，成本扰动不改变核心逻辑