业绩超预期，机器人业务竞争优势突出

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported Q1 2024 revenue of 5.69 billion yuan, a year-on-year increase of 27% and a quarter-on-quarter increase of 3%. The net profit attributable to shareholders was 650 million yuan, up 43% year-on-year and 16% quarter-on-quarter [1]. - The company's automotive product offerings are comprehensive, with a per-vehicle value of approximately 30,000 yuan. It has secured orders from leading domestic and international new energy vehicle manufacturers, enhancing its competitive edge in the robot business [1]. - The company is expanding its global production capacity, with its Poland factory already in production and facilities in Mexico and the United States progressing steadily [1]. Financial Performance - Revenue growth rates for 2024E, 2025E, and 2026E are projected at 39.7%, 25.8%, and 20.0%, respectively [3]. - The net profit attributable to shareholders is expected to reach 2.94 billion yuan in 2024E, with growth rates of 36.7%, 29.7%, and 21.4% for the following years [3]. - The company’s sales gross margin for Q1 2024 was 22.4%, with a net profit margin of 11.4% [1]. Market Position and Strategy - The company has a strong project pipeline and is positioned well in a robust model cycle, which is expected to enhance its profitability through scale effects [1]. - The core technology reserves in the robot business, particularly in actuators, are expected to lead to significant market share gains in the future [1].