2024一季报点评：Q1出货环比略降，全年有望稳健增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company reported Q1 2024 revenue of 487 million yuan, with a quarter-on-quarter change of +15% and a year-on-year change of -15%. The net profit attributable to the parent company was 33 million yuan, with a quarter-on-quarter change of +55% and a year-on-year change of -16% [1]. - The company expects a steady growth in revenue and net profit over the next three years, with projected net profits of 146 million yuan, 177 million yuan, and 210 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of +21%, +21%, and +19% [2]. Financial Performance - In Q1 2024, the company managed to control its expense ratio well, with a period expense ratio of approximately 5.4%, a quarter-on-quarter increase of 0.4 percentage points and a year-on-year decrease of 0.74 percentage points. Accounts receivable decreased to approximately 530 million yuan, down from 700 million yuan at the end of 2023, resulting in a reversal of credit impairment losses of about 9 million yuan [9]. - The company’s cash flow from operating activities is projected to improve significantly from a negative 294 million yuan in 2024E to a positive 234 million yuan in 2026E [7]. - The company’s total revenue is expected to grow from 2,175 million yuan in 2023A to 3,956 million yuan in 2026E, with corresponding year-on-year growth rates of 74.39%, 24.50%, 19.23%, and 22.53% [16][20]. Stock Performance - The closing price of the stock is 16.88 yuan, with a one-year low of 9.81 yuan and a high of 29.28 yuan. The price-to-book ratio is 3.07, and the circulating A-share market value is approximately 1,117.24 million yuan, with a total market value of about 1,845.32 million yuan [4].