Q1业绩符合预期，0BB设备将迎快速放量

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][7]. Core Insights - The company reported Q1 2024 revenue of 1.964 billion RMB, a year-on-year increase of 89.06%, and a net profit of 333 million RMB, up 50.44% year-on-year, aligning with expectations [2]. - The company has a strong order backlog of 14.351 billion RMB, reflecting a 64.11% year-on-year growth, with new orders in Q1 amounting to 3.445 billion RMB, a 31.5% increase year-on-year [2]. - R&D investment in Q1 2024 reached 86.3826 million RMB, a 35.53% increase year-on-year, focusing on advancing 0BB welding technology [2]. - The company has established strong partnerships in the semiconductor sector, which is expected to lead to a significant increase in orders [2]. Summary by Sections Financial Performance - Q1 2024 revenue: 1.964 billion RMB, up 89.06% YoY, down 4.8% QoQ [2]. - Q1 2024 net profit: 333 million RMB, up 50.44% YoY, down 17.7% QoQ [2]. - Gross margin for Q1 2024 was 34.52%, a decrease of 2.08 percentage points YoY [2]. Order and Market Position - The company has a current order backlog of 14.351 billion RMB, a 64.11% increase YoY [2]. - The company signed new orders worth 3.445 billion RMB in Q1 2024, a 31.5% increase YoY [2]. - The company holds over 70% market share in string welding equipment, positioning it well for the upcoming 0BB technology updates [2]. Research and Development - R&D expenditure in Q1 2024 was 86.3826 million RMB, a 35.53% increase YoY [2]. - The company has been developing 0BB welding technology since mid-2020 and launched a mass production welding process in March 2024 [2]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been slightly adjusted to 1.75 billion RMB, 2.626 billion RMB, and 2.866 billion RMB respectively [2]. - Corresponding EPS for these years are projected at 7.79 RMB, 11.69 RMB, and 12.76 RMB, with current PE ratios of 13, 9, and 8 times [2].