业绩符合预期，Q1收入表现亮眼

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company's Q1 2024 performance met expectations, with revenue of 3.05 billion yuan, a year-on-year increase of 40%, and a net profit of 200 million yuan, up 35% year-on-year [1] - The revenue growth is attributed to increased market share and sales growth from key clients such as Chery and Li Auto, with domestic new energy vehicle sales rising by 32% year-on-year [1] - The company is expected to maintain high growth due to continuous sales increases from downstream clients and its competitive advantages in cost and service [1] Financial Performance - In Q1 2024, the company's gross margin was 20.1%, and net profit margin was 6.7% [1] - The company experienced an increase in expense ratios, impacting net profit margins in the short term, with sales, management, and R&D expense ratios at 1.7%, 5.5%, and 4.6% respectively [1] - The company has a strong financial outlook, with projected net profits of 1.14 billion, 1.49 billion, and 1.86 billion yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 19.6, 15.0, and 12.1 [2][1] Market Position and Strategy - The company is expanding its product offerings beyond instrument panels to exterior parts, significantly increasing the value per vehicle [1] - The company is also pursuing international expansion, with investments in Mexico, Singapore, and Slovakia, which is expected to drive future growth [1] - Collaborations with major automotive manufacturers like Chery, Li Auto, BYD, and NIO are strengthening the company's customer base for future product expansion [1]