Investment Rating - The report initiates coverage with a "Buy" rating, expecting the stock price to outperform the industry index by over 15% in the next six months [20]. Core Insights - The company reported a revenue of 27.185 billion yuan in 2023, a year-on-year decrease of 7.35%, while the net profit attributable to shareholders was 605 million yuan, an increase of 7.84% [3][5]. - In Q1 2024, the company achieved a revenue of 10.337 billion yuan, a year-on-year increase of 146.95%, and a net profit of 128 million yuan, up 50.24% year-on-year [3][6]. - The company maintains a strong position in the global smartphone ODM market, holding a 27.3% share, ranking second globally [4]. Financial Performance - The company's revenue is projected to grow from 30.845 billion yuan in 2024E to 40.056 billion yuan in 2026E, with a compound annual growth rate (CAGR) of approximately 12.8% [5][14]. - The net profit attributable to shareholders is expected to increase from 737 million yuan in 2024E to 1.15 billion yuan in 2026E, reflecting a strong growth trajectory [5][14]. - The company's EPS is forecasted to rise from 1.58 yuan in 2024E to 2.47 yuan in 2026E, indicating improving profitability [5][14]. Business Segments - The smartphone segment generated 21.822 billion yuan in revenue in 2023, a decline of 10.07% year-on-year, while the AIoT segment saw a revenue increase of 33.04% to 25.11 billion yuan [6]. - The company has established itself as a leading supplier in the tablet market, with over 50% ODM shipment share for certain brand clients in 2023 [4]. - The AIoT segment, including smartwatches and TWS earbuds, has shown significant growth, with smartwatches exceeding 10 million units shipped in 2023 [4][10]. Strategic Initiatives - The company is expanding into the AI PC market, with expectations of significant growth driven by strategic partnerships, including one with Qualcomm [10][11]. - The automotive electronics segment is progressing well, with products like smart cockpit systems already in shipment [10][11]. - The report highlights the company's focus on maintaining its leadership in the smartphone sector while diversifying into high-growth areas such as AIoT and automotive electronics [11].
龙旗科技：24Q1营收同比翻倍增长，三大业务齐头并进