积极拓展海外市场，24Q1业绩表现亮眼

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 45.4 CNY for 2024, based on a 20x PE ratio [2][4][57]. Core Insights - The company is actively expanding its overseas market and has shown impressive performance in Q1 2024, driven by increased product orders and a steady rise in market share [2][4]. - The company focuses on three main sectors: consumer electronics, new energy vehicles, and digital energy, with significant progress reported in each area [2][4]. - The projected compound annual growth rate (CAGR) for net profit from 2024 to 2026 is expected to reach 28.7% [2][4]. Summary by Sections Business Performance - In 2023, the company achieved a revenue of 5.174 billion CNY, a year-on-year increase of 15.8%, and a net profit of 440.94 million CNY, up 0.75% [4][26]. - For Q1 2024, the company reported revenues of 1.36 billion CNY and a net profit of 120 million CNY, reflecting year-on-year increases of 51.1% and 37.7%, respectively [4][26]. Revenue Breakdown - The revenue from the charger segment was 3.96 billion CNY, with a year-on-year growth of 12.7%. The portable energy storage and other products generated 670 million CNY, up 13%, while the new energy vehicle control products saw a significant increase of 50.4%, reaching 550 million CNY [4][24][57]. Profitability Metrics - The company's gross margin for 2023 was 22.3%, with a net margin of 8.5%. The gross margin for the charger segment was 20.6%, while the portable energy storage and new energy vehicle segments had gross margins of 35.2% and 18.0%, respectively [4][45][57]. Future Projections - The company anticipates revenues of 7.055 billion CNY in 2024, with a growth rate of 36.35%, and expects net profits to reach 627.14 million CNY, reflecting a growth rate of 42.23% [5][57]. - The new energy vehicle control system orders are projected to grow at rates of 47.0%, 28.8%, and 16.2% from 2024 to 2026, with gross margins expected to improve to 23% by 2026 [54][57]. Strategic Focus - The company aims to leverage its existing business and technology to expand into wireless chargers, PC adapters, IoT power supplies, and digital energy solutions, enhancing its competitive edge in the energy application sector [38][39]. - The strategic plan includes a focus on energy-efficient applications and aims to achieve long-term goals of generating 10 billion CNY in revenue from each of its three main sectors [35].