Q1加大研发扩展制造能力，LPAMiD已出工程样品

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 123.48 CNY per share based on a 55x PE for 2024 [2][4]. Core Insights - In Q1 2024, the company reported a significant year-on-year revenue increase of 67.16%, reaching 1.19 billion CNY, while the net profit rose by 69.83% to 198 million CNY. The R&D expenses surged by 119% to 269 million CNY [1][4]. - The L-PAMiD module has reached the engineering sample stage, marking a significant milestone in the company's production capabilities. The 6-inch filter production line has achieved over 8,000 pieces shipped per month, with plans to increase capacity to 16,000 pieces per month [1][4]. - The company forecasts EPS of 2.25 CNY, 2.86 CNY, and 3.82 CNY for 2024, 2025, and 2026 respectively, indicating strong growth potential [1][4]. Financial Summary - For 2023, the company achieved a revenue of 4.378 billion CNY, a year-on-year increase of 19.05%, and a net profit of 1.122 billion CNY, up 4.95% [5][6]. - The projected revenues for 2024, 2025, and 2026 are 5.301 billion CNY, 6.415 billion CNY, and 7.377 billion CNY, respectively, reflecting a growth rate of 21.1%, 21.0%, and 15.0% [5][6]. - The company's EBITDA for 2024 is estimated at 1.752 billion CNY, with a net profit forecast of 1.198 billion CNY [5][6].