公司2024年一季报业绩点评：收入增长41.63%，拓展海外市场

Investment Rating - The report maintains a "Buy" rating for the company, Weishi Electronics (605218.SH) [13]. Core Insights - Weishi Electronics reported a revenue growth of 41.63% year-on-year, achieving a revenue of 407 million yuan in Q1 2024. The net profit attributable to the parent company increased by 40.92% to 8.5843 million yuan [13]. - The company is expanding its overseas market presence by investing 15 million USD to establish a wholly-owned subsidiary in Vietnam, aiming to optimize its global supply chain and enhance operational efficiency [13]. - The company is a leader in the automotive backlight module sector and is expected to benefit from the penetration of Mini LED technology, with projected EPS of 0.70 yuan, 1.03 yuan, and 1.39 yuan for 2024-2026 [13]. Financial Performance Summary - In Q1 2024, Weishi Electronics achieved a gross margin of 13.22%, a decrease of 5.05 percentage points year-on-year and 3.21 percentage points quarter-on-quarter, primarily due to an increase in the number of mass-produced products and the ramp-up of new models [13]. - The company’s construction in progress reached 135 million yuan in Q1 2024, a significant increase of 453% year-on-year, reflecting its aggressive expansion strategy [13]. - The financial forecast indicates that operating revenue is expected to grow from 1,358.73 million yuan in 2022 to 3,233.93 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 21.78% [15]. Investment Outlook - The company is enhancing its R&D capabilities and has successfully developed multiple Mini-LED backlight technologies, which are expected to meet new market trends and demands [13]. - The report highlights the company's focus on lightweight structural components for automotive displays, aligning with market trends towards larger and multiple screens [13]. - The investment in Vietnam is anticipated to bolster the company's brand influence and market competitiveness, accelerating its globalization efforts [13].