2024Q1持续增长，华为业务增速亮眼

Investment Rating - The report maintains a "Buy-A" rating for the company, with a target price of 9.6 yuan over the next six months [5]. Core Insights - The company reported a revenue of 730 million yuan in Q1 2024, representing a year-over-year increase of 12.55%, and a net profit attributable to shareholders of 55.23 million yuan, up 13.87% year-over-year [2][3]. - All business segments showed growth, with profit growth outpacing revenue growth. The gross margin for Q1 2024 was 20.97%, slightly down due to increased competition in the digital marketing sector [2]. - The company's digital marketing business, particularly its partnership with Huawei, saw a remarkable growth of 112% year-over-year in Q1 2024. This growth is expected to continue as Huawei launches new products and expands its advertising ecosystem [3]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 4.02 billion, 5.02 billion, and 5.64 billion yuan, respectively, with net profits expected to be 300.1 million, 364.2 million, and 418.1 million yuan [4]. - Earnings per share (EPS) are projected to be 0.24, 0.29, and 0.33 yuan for the years 2024, 2025, and 2026, respectively [4]. - The price-to-earnings (PE) ratio is expected to be 25.4 for 2024, decreasing to 21.0 in 2025 and 18.3 in 2026, indicating a potential valuation premium due to the company's unique position in the market [4].