2024Q1业绩超预期，需求复苏+新品放量带动长期成长

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q1 2024 performance exceeded expectations, driven by a recovery in demand and the launch of new products, achieving a record quarterly revenue of 405 million, representing a year-over-year increase of 98.52% and a quarter-over-quarter increase of 12.50% [2][6] - The gross margin improved to 31.8%, up 9.64 percentage points year-over-year and 4.03 percentage points quarter-over-quarter, indicating a significant enhancement in profitability [2][6] - The growth in revenue is attributed to the recovery in downstream consumer electronics demand, effective market share expansion strategies, and a reduction in asset impairment losses [2][6] Summary by Sections Financial Performance - In Q1 2024, the company reported a net profit of 50 million, a year-over-year increase of 277.41% but a quarter-over-quarter decrease of 5.66% [2] - The adjusted net profit was 62 million, reflecting a year-over-year increase of 232.99% and a quarter-over-quarter increase of 34.78% [2] Market Outlook - The report anticipates continued growth in profitability due to ongoing recovery in consumer electronics demand and deeper market penetration in automotive and industrial control sectors [2][6] - The company is expected to maintain an upward trend in profitability as it optimizes its product and customer structure [2][6] Revenue Forecast - The company is projected to achieve revenues of 1.527 billion, 1.896 billion, and 2.351 billion for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 2.02, 3.26, and 4.39 [6][8] - The revenue growth rates are forecasted at 35.5% for 2024, 24.2% for 2025, and 24.0% for 2026 [8] Strategic Initiatives - The company is implementing a "Storage+" strategy to expand into microcontroller and analog chip markets, leveraging its technology advantages in the storage sector [5] - The introduction of new MCU products and the development of optical stabilization products are expected to enhance the company's competitive edge in the camera module market [5]