单季度收入再创新高，汽车电子新品持续拓展

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the upcoming years [20]. Core Insights - The company achieved a record high revenue of 1.04 billion RMB in Q1 2024, marking a 101.95% year-on-year increase and a 3.22% quarter-on-quarter growth [20]. - The gross profit margin for Q1 2024 was stable at 54.11%, indicating strong operational efficiency [20]. - The company continues to invest heavily in R&D, with R&D expenses amounting to 0.22 billion RMB, representing 21.47% of revenue, and is focused on expanding into high-definition video bridging, transmission, and automotive electronics [20]. - The automotive electronics segment is identified as a significant growth driver, with several products already certified and in testing phases [20]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 4.72 billion RMB, 7.24 billion RMB, and 10.84 billion RMB, respectively [21]. - Expected net profits for the same years are 1.50 billion RMB, 2.29 billion RMB, and 3.42 billion RMB, with corresponding EPS of 2.16 RMB, 3.31 RMB, and 4.94 RMB [21]. - The company has shown a consistent increase in revenue growth rates, with 46.00% for 2024E, 53.54% for 2025E, and 49.68% for 2026E [21].