24Q1业绩短暂承压，新领域订单不断突破打开成长空间

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by 10%-20% over the next 6-12 months [21]. Core Insights - The company reported a revenue of 4.84 billion RMB in 2023, a year-on-year increase of 0.59%, and a net profit attributable to shareholders of 390 million RMB, up 17.80% year-on-year. However, in Q1 2024, revenue dropped to 742.96 million RMB, a decrease of 15.88%, with a net loss of 21.28 million RMB, reflecting a 140.85% decline year-on-year. The company is positioned to benefit from the recovery in the consumer electronics sector and is expanding into new energy and semiconductor fields, which opens up further growth opportunities [10][11][22]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 48.40 billion RMB, with a net profit of 3.90 billion RMB. The gross margin was 33.79%, an increase of 1.53 percentage points year-on-year, and the net margin was 7.94%, up 1.11 percentage points [10][11]. - For Q1 2024, the company reported a revenue of 7.43 billion RMB, with a gross margin of 32.66%, down 2.09 percentage points year-on-year, and a net margin of -2.29% [24]. Growth Prospects - The company is leveraging its technology in the 3C sector to expand into new energy and semiconductor markets. It has begun supplying lithium battery manufacturing equipment and semiconductor devices, which are expected to become significant growth drivers [10][22]. - Revenue projections for 2024-2026 are estimated at 55.77 billion RMB, 63.95 billion RMB, and 72.81 billion RMB, respectively, with net profits expected to reach 4.85 billion RMB, 5.83 billion RMB, and 6.96 billion RMB [10][13]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 19.3, 16.1, and 13.5 for 2024, 2025, and 2026, respectively, indicating a favorable valuation as the company continues to expand its market presence [10][13].