Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [3][8]. Core Insights - The company has entered a new phase of high-quality development, with Q1 2024 showing signs of improvement in revenue and net profit compared to the same period last year. The revenue for Q1 2024 was 60.78 million yuan, a year-on-year increase of 6.32%, while the net profit attributable to shareholders was -19.30 million yuan, reflecting a 2.29% year-on-year improvement [2][3]. - The company is focusing on AI applications in real industrial scenarios, enhancing its product offerings with a diverse range of solutions, including the SuperCare platform and various intelligent hardware [2][3]. - The company is expanding its global marketing network, with coverage in Europe, South America, North America, Southeast Asia, and the Middle East, and is deepening collaborations with major industrial players [2][3]. Financial Performance Summary - For the fiscal year 2023, the company reported a revenue of 498 million yuan, a decrease of 8.96% year-on-year, and a net profit of 63 million yuan, down 45.98% year-on-year. The basic earnings per share (EPS) was 0.77 yuan, a decline of 46.15% [3][5]. - The projected revenues for 2024 to 2026 are 615 million yuan, 786 million yuan, and 993 million yuan, respectively, with expected year-on-year growth rates of 23.6%, 27.7%, and 26.3% [9][11]. - The net profit forecasts for the same period are 93 million yuan, 130 million yuan, and 159 million yuan, with growth rates of 48.8%, 39.3%, and 22.1% respectively [9][11]. Valuation Metrics - The report provides a projected P/E ratio of 23.9X for 2024, decreasing to 14.0X by 2026, indicating an improving valuation as earnings grow [9][11]. - The projected ROE (Return on Equity) is expected to rise from 10.4% in 2024 to 13.8% in 2026, reflecting enhanced profitability [9][11].
高质量发展元年正式启动，2024Q1公司业绩有所好转