Q1收入增长表现亮眼

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 38.89 CNY for the next six months [2]. Core Views - The company reported a revenue of 20.17 billion CNY in 2023, a year-on-year decrease of 3.9%, and a net profit attributable to shareholders of 1.37 billion CNY, down 33.9% year-on-year [2]. - In Q1 2024, the company achieved a revenue of 4.49 billion CNY, representing a year-on-year increase of 19.6%, while the net profit attributable to shareholders was 180 million CNY, down 37.2% year-on-year [2]. - The recovery in revenue growth is primarily driven by overseas business and home appliance segments, with the education and corporate meeting sectors expected to rebound due to improved domestic economic conditions [2][3]. Financial Performance Summary - The company’s revenue for 2024 is projected to be 22.58 billion CNY, with net profits expected to be 1.24 billion CNY, and earnings per share (EPS) forecasted at 1.77 CNY [3][7]. - The company’s gross profit margin has decreased significantly, with Q1 2024 gross margin at 21.9%, down 7.2 percentage points year-on-year [4]. - The operating cash flow for Q1 2024 showed a net decrease of 250 million CNY year-on-year, primarily due to increased raw material inventory in response to rising panel prices [2][4]. Market Position and Strategy - The company is a leading supplier of LCD display control boards and interactive smart panels in China, actively expanding into education, overseas markets, and home appliance components [2][3]. - The company has maintained stable market share with key clients while seizing opportunities in educational informatization in countries like India and Europe [2][3]. - The home appliance segment has seen a significant growth of 60% year-on-year in 2023, indicating strong demand and market potential [2].