MeiG(SZ:002881) Changjiang Securities·2024-05-07 08:32Investment Rating - The report maintains a "Buy" rating for the company [22][23]. Core Insights - The company reported a significant recovery in revenue for Q1 2024, with a year-on-year increase of 29.6%, driven by strong demand from overseas clients in the FWA and IoT sectors [21][22]. - The company's gross margin for Q1 2024 was slightly under pressure at 15.69%, down 6.9 percentage points year-on-year, primarily due to the shipment structure and increased sales of lower-margin products [21][22]. - The introduction of high-performance AI module products is expected to provide new growth opportunities for the company moving forward [22][21]. Financial Performance Summary - In 2023, the company achieved a revenue of 2.147 billion yuan, a decrease of 6.9% year-on-year, with a net profit attributable to shareholders of 65 million yuan, down 49.5% year-on-year [2][3]. - For Q1 2024, the company reported a revenue of 574 million yuan, with a net profit of 6 million yuan, reflecting a year-on-year decrease of 64.3% [2][21]. - The company's overseas revenue contribution increased from 23.66% in 2022 to 30.56% in 2023, indicating a positive trend in international market expansion [3][21]. Future Outlook - The company is expected to continue increasing its investment in FWA and IoT sectors, with strong demand anticipated from overseas clients [22][21]. - The projected net profits for 2023, 2024, and 2025 are 128 million yuan, 167 million yuan, and 215 million yuan, respectively, indicating a growth trajectory of 99%, 30%, and 29% year-on-year [22][21].