收入增速略有承压，公司账上现金充足

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company reported a slight decline in revenue growth, with Q1 2024 revenue at 350 million yuan, down 0.2% year-on-year, while net profit attributable to shareholders increased by 13.5% to 50 million yuan [1] - The company is expected to benefit from the increasing penetration of LED in commercial and industrial lighting markets, particularly in overseas markets, and is making progress in expanding into the U.S. market post-pandemic [2] Financial Performance Summary - Q1 2024 gross margin was 30.91%, a decrease of 1.64 percentage points year-on-year, while net margin improved by 1.79 percentage points to 14.48% [1] - The company’s operating cash flow for Q1 2024 was 41 million yuan, a decrease of 49.11% year-on-year [2] - The company’s cash and cash equivalents, along with trading financial assets, reached 1.752 billion yuan in Q1 2024, an increase of 300.75% year-on-year, primarily due to funds raised from stock issuance [2] Revenue and Profit Forecast - The company’s projected net profit attributable to shareholders for 2024, 2025, and 2026 is expected to be 271.64 million yuan, 316.55 million yuan, and 365.10 million yuan respectively, with corresponding dynamic P/E ratios of 13.5x, 11.6x, and 10.1x [2][6]