收入、业绩稳健增长，加大海外OBM投入

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the closing price of 69.78 CNY on April 30, 2024, corresponding to a PE ratio of 13/12/11 for the years 2024-2026 [5][6]. Core Insights - The company reported a total revenue of 106.5 billion CNY in Q1 2024, representing a year-over-year increase of 10%. The net profit attributable to shareholders was 9 billion CNY, up 12% year-over-year, while the net profit excluding non-recurring items reached 9.2 billion CNY, reflecting a 20% increase year-over-year [2][3]. - The smart home segment saw an 11% year-over-year revenue growth in Q1 2024, driven by the company's expansion into new channels and markets, with overseas e-commerce retail sales increasing by approximately 60% [3]. - The company plans to invest an additional 3 billion CNY to accelerate the development of its overseas proprietary brand business [3]. Business Segment Performance - Smart Home Business: Revenue increased by 11% year-over-year, with significant growth in overseas markets [3]. - Commercial and Industrial Solutions: - Smart Building Technology achieved 8.2 billion CNY in revenue, growing 6% year-over-year, affected by changes in subsidy policies and natural gas prices in Europe [3]. - New Energy and Industrial Technology generated 7.7 billion CNY, up 23% year-over-year [3]. - Robotics and Automation reported 6.7 billion CNY, down 12% year-over-year, primarily due to delays in domestic automotive production plans and adjustments in overseas automotive strategies [3]. Profitability Metrics - In Q1 2024, the gross margin was 27.3%, an increase of 3.3 percentage points year-over-year, while the net profit margin was 8.5%, up 0.1 percentage points year-over-year [4]. - The report details the expense ratios for sales, management, R&D, and financial expenses, with slight increases in sales and management expenses [4]. Financial Forecast - Revenue projections for 2024-2026 are estimated at 406.5 billion CNY, 437.1 billion CNY, and 470.1 billion CNY, respectively. The net profit attributable to shareholders is forecasted to be 37.1 billion CNY, 40.7 billion CNY, and 44.9 billion CNY for the same period [5][11]. - The expected EPS for 2024-2026 is 5.32 CNY, 5.84 CNY, and 6.44 CNY, with corresponding PE ratios of 13, 12, and 11 [5][11].