业绩符合预期，期待大功率电源业务顺利爬坡

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company reported Q1 2024 revenue of 440 million yuan, a year-on-year decrease of 0.6%, and a net profit attributable to shareholders of 32 million yuan, down 13% year-on-year. The decline in profit is attributed to the power supply business being in a capacity ramp-up phase, which is expected to reach profitability in Q2 [2][10]. - The company is expected to achieve net profits of 220 million, 340 million, and 410 million yuan for 2024-2026, corresponding to P/E ratios of 19, 12, and 10 times. The steady growth of the cutting business and the excellent manufacturing capabilities of Yada are anticipated to help establish the company as a leading power platform enterprise in China [3][12]. Financial Summary - Revenue is projected to grow from 1,845 million yuan in 2023 to 2,358 million yuan in 2024, with a year-on-year growth rate of 27.8% [12]. - The net profit attributable to shareholders is expected to increase from 133 million yuan in 2023 to 223 million yuan in 2024, reflecting a year-on-year growth rate of 67.8% [12]. - The latest diluted EPS is forecasted to rise from 0.53 yuan in 2023 to 0.88 yuan in 2024 [12]. - The company’s total assets are projected to grow from 2,702 million yuan in 2023 to 3,477 million yuan in 2024 [6][12]. Business Development - The company is focusing on expanding its high-power power supply business, which includes product lines such as photovoltaic inverters, energy storage converters, and server power modules. This segment is expected to benefit from the growing demand for data center power solutions [11][12]. - The cutting business is showing steady growth, with a market share of approximately 35% in the domestic market, indicating potential for further market share expansion [21].