兆威机电：24Q1营收/业绩同比双增，XR/汽车赋能业绩增长

Investment Rating - The investment rating for the company is "Accumulate-A" [1] Core Views - The company achieved a revenue of 1.206 billion yuan in 2023, representing a year-on-year growth of 4.64%, and a net profit attributable to shareholders of 180 million yuan, up 19.55% year-on-year [1] - In Q1 2024, the company reported a revenue of 312 million yuan, a year-on-year increase of 40.65%, with a net profit of 55 million yuan, marking a significant growth of 96.04% year-on-year [1] - The automotive electronics and consumer electronics sectors are the main sources of revenue, with automotive electronics contributing 633 million yuan, accounting for 52.49% of total revenue [1] - The company is positioned to benefit from the ongoing electrification and intelligence trends in the automotive industry, providing core components and drive solutions [1] Financial Performance Summary - Revenue projections for 2024 to 2026 are 1.569 billion yuan (30.1% growth), 2.052 billion yuan (30.8% growth), and 2.589 billion yuan (26.2% growth) respectively [14] - Net profit forecasts for the same period are 231 million yuan (28.6% growth), 305 million yuan (31.6% growth), and 397 million yuan (30.3% growth) [14] - The company maintains a gross margin of approximately 29% and a net margin that is expected to improve to 15.3% by 2026 [3][14] Market Trends and Opportunities - The global VR market is projected to recover, with an expected sales volume of 8.44 million units in 2024, a 12% increase from 2023 [2] - The company is actively involved in the XR and smart home sectors, with products entering the Vision Pro, which is anticipated to accelerate growth in these areas [1][2] - The automotive electronics market is expected to continue growing, driven by increasing demand for electric and intelligent vehicles [1][14]