24Q1营收快速增长，持续扩张先进封装版图

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company has shown rapid revenue growth in Q1 2024, with a year-on-year increase of 38.72%, indicating a recovery trend in the integrated circuit industry [2] - The company is expanding its advanced packaging capabilities and has successfully entered trial production phases at new facilities, enhancing its market position [2][4] - Despite a challenging market environment, the company is actively managing costs and improving its service to key clients, which is expected to support future growth [2][4] Financial Summary - Revenue for 2023 was 11,298 million yuan, down 5.1% year-on-year, while Q1 2024 revenue reached 3,106 million yuan, up 38.72% year-on-year [1][2] - The net profit for 2023 was 226 million yuan, a decrease of 70.0% year-on-year, but Q1 2024 net profit improved to 57 million yuan, up 153.62% year-on-year [1][2] - The company's gross margin for 2023 was 8.91%, down 7.93 percentage points year-on-year, but improved to 8.52% in Q1 2024 [2][4] - The projected net profit for 2024-2026 is estimated at 684 million yuan, 1,088 million yuan, and 1,549 million yuan respectively, with corresponding EPS of 0.21, 0.34, and 0.48 yuan [4]