跟踪报告之五：24Q1业绩同比稳中有升，后续有望持续改善

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company has shown a steady improvement in Q1 2024 performance, with revenue of 6.69 billion yuan, a year-on-year increase of 0.29% and a net profit of 499 million yuan, up 18.81% year-on-year [4][5] - The company faced challenges in 2023, with a revenue decline of 11.45% to 32.07 billion yuan and a net profit drop of 34.41% to 3.29 billion yuan, primarily due to industry-wide pressures and increased costs [5][7] - The company is expected to benefit from new business opportunities in the automotive, server, and AR/VR markets, with significant growth potential in these areas [5][8] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 32.07 billion yuan and a net profit of 3.29 billion yuan, with a gross margin of 21.34% [4][5] - For Q1 2024, the company reported a revenue of 6.69 billion yuan and a net profit of 499 million yuan, indicating a positive trend compared to the previous year [4][5] Business Segments - The communications products segment generated revenue of 23.51 billion yuan in 2023, a 3.7% increase year-on-year, while the consumer electronics segment saw a significant decline of 39.59% to 7.98 billion yuan [5][7] - The automotive and server business segments performed well, with a revenue increase of 71.45% to 539 million yuan [5][8] Market Position - The company maintains a global market share of 7%, ranking first for seven consecutive years, with an increase in the soft board market share [5][8] - The company is expanding its product offerings, including light module technology and components for AI servers, which positions it well for future growth [5][8] Profitability and Valuation - The report projects a net profit of 3.50 billion yuan for 2024, with a decrease in profit forecasts for 2024 and 2025 due to lower-than-expected downstream demand [5][7] - The company is expected to have a PE ratio of 16x for 2024, 14x for 2025, and 12x for 2026, reflecting its valuation in the market [5][8]