一季度业绩超预期，新一轮成长逻辑清晰

Investment Rating - The investment rating for the company is maintained at Buy-B [2] Core Views - The company is expected to turn a profit in Q1 2024, with a projected net profit of 42 million to 55 million yuan, compared to a loss of 41.46 million yuan in the same period last year [2] - Revenue for Q1 2024 is anticipated to exceed 406 million yuan, reflecting a year-on-year growth of over 70% [2] - The recovery in demand and platform upgrades are seen as key drivers for the company's growth [2] Financial Performance Summary - Revenue (in million yuan): - 2022A: 1,514 - 2023A: 1,673 - 2024E: 2,279 (YoY growth of 36.2%) - 2025E: 2,844 - 2026E: 3,515 [5] - Net Profit (in million yuan): - 2022A: 211 - 2023A: 23 - 2024E: 180 (YoY growth of 685.1%) - 2025E: 371 - 2026E: 547 [5] - Gross Margin: - 2022A: 38.3% - 2023A: 32.4% - 2024E: 34.0% - 2025E: 37.0% - 2026E: 38.0% [5] Growth Drivers - The company is benefiting from the recovery in downstream demand, particularly in sectors like cleaning robots, industrial applications, and automotive, as well as the trend of domestic chip substitution [2] - The company has invested in advanced process chip research and development, leading to improved performance and reduced power consumption [2] - The upgrade of product platforms is expected to drive continuous revenue growth [2]