24Q1归母净利润同比增长70%，L-PAMiD实现从0-1重大突破

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company achieved a significant breakthrough with a 70% year-on-year growth in net profit attributable to shareholders in Q1 2024, driven by the ramp-up of RF module products [1] - The revenue for 2023 reached 4.378 billion yuan, representing a year-on-year increase of 19.05%, while the net profit attributable to shareholders was 1.122 billion yuan, up 4.95% year-on-year [4] - The company is expected to continue benefiting from the increasing scale effects of RF module products, with a projected revenue growth rate of 21.2% for 2024 [1][4] Financial Summary - Q1 2024 revenue was 1.190 billion yuan, a year-on-year increase of 67.16%, with a net profit of 1.980 billion yuan, up 69.77% year-on-year [2][3] - The gross margin for Q1 2024 was 42.78%, with a net margin of 16.56%, reflecting a decrease in net margin due to an increase in R&D expense ratio [2] - The company's total revenue is projected to grow from 4.378 billion yuan in 2023 to 5.305 billion yuan in 2024, with net profit expected to rise from 1.122 billion yuan to 1.401 billion yuan [1][7] Key Financial Metrics - The company reported an EPS of 2.00 yuan for 2022, projected to increase to 3.75 yuan by 2026 [1][5] - The P/E ratio is expected to decrease from 48.9 in 2022 to 26.1 by 2026, indicating improved valuation over time [1][5] - The ROE is projected to improve from 11.4% in 2023 to 13.6% in 2026, reflecting enhanced profitability [1][5]