24年Q1业绩超预期，SVG和高压变频器增长迅速

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within six months [29]. Core Views - The company achieved a strong performance in Q1 2024, with revenue of 293 million yuan, a year-on-year increase of 36.6%, and a net profit attributable to shareholders of 39 million yuan, up 91.6% year-on-year [24]. - The growth in revenue is primarily driven by the significant increase in SVG product sales and the reversal of previously recognized credit impairment losses [24]. - The company’s gross margin for 2023 was 27.7%, reflecting a year-on-year increase of 1.4 percentage points, while Q1 2024 gross margin reached 31.7%, also up 1.4 percentage points year-on-year and up 6.7 percentage points quarter-on-quarter [10][11]. Financial Performance Summary - For the full year 2023, the company reported total revenue of 1.701 billion yuan, a year-on-year increase of 30.5%, and a net profit of 166 million yuan, up 28.7% year-on-year [10]. - The company’s revenue projections for 2024 to 2026 are 2.191 billion yuan, 2.839 billion yuan, and 3.406 billion yuan, respectively, with corresponding net profits of 224 million yuan, 288 million yuan, and 347 million yuan [7][12]. - The expected growth rates for revenue from 2024 to 2026 are 28.86%, 29.52%, and 20.00%, respectively [12][21]. Key Financial Metrics - The company’s EBITDA for 2023 was 248 million yuan, with projections of 268 million yuan for 2024, 341 million yuan for 2025, and 407 million yuan for 2026 [12]. - The price-to-earnings (P/E) ratio is projected to decrease from 22.72 in 2023 to 10.84 by 2026, indicating potential value appreciation [12][21]. - The company’s total assets are expected to grow from 2.755 billion yuan in 2023 to 4.614 billion yuan by 2026 [12].