1Q24营收同比+105%，半导体零件景气修复

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market benchmark [15][21]. Core Insights - The company reported a revenue of 701 million yuan in Q1 2024, representing a year-on-year growth of 105.47%. The gross margin improved to 25.39%, an increase of 4.07 percentage points from the previous quarter. The net profit attributable to the parent company was 60.43 million yuan, up 53.42% year-on-year [15]. - The company is benefiting from strong demand from downstream customers, leading to significant revenue growth and gradually realizing economies of scale. The contribution of high-value complex module products to revenue has increased, with module products and gas pipelines accounting for 53.50% of total revenue in 2023, up from 40.62% in 2022 [15]. - Domestic demand remains robust, with local revenue growing by 72% year-on-year, while overseas revenue declined by 13%. The domestic revenue share increased from 54.0% in 2022 to 69.5% in 2023 [15]. - The company continues to invest in R&D, with expenditures reaching 206 million yuan in 2023, representing 9.97% of revenue, and a 25.01% increase in Q1 2024 R&D spending [15]. - The company is expanding its production capacity both domestically and internationally, with new factories planned in Nantong and Beijing, and subsidiaries established in Singapore and the United States [15]. - Profit margins are expected to improve as the company transitions from a capital-intensive phase to a more profitable operational phase, supported by a stock incentive plan aimed at enhancing employee motivation and performance [15]. Financial Summary - The total revenue for 2023 is projected at 2,066 million yuan, with a year-on-year growth rate of 33.75%. The net profit attributable to the parent company is expected to reach 169 million yuan, reflecting a significant recovery from a decline in the previous year [16]. - The company forecasts a net profit of 313 million yuan for 2024, with a growth rate of 85.7%, and aims for 494 million yuan in 2025 [16]. - The earnings per share (EPS) is projected to be 1.50 yuan in 2024, increasing to 2.36 yuan in 2025 and 2.88 yuan in 2026 [16].