Gelonghui, May 15 | According to Huaan Securities Research Report, the net profit of Vail shares (603501.SH) in '23 was 556 million yuan, a year-on-year decrease of 43.89%; Q1 net profit in Q1 was 558 million yuan, up 180.50% year on year, up 198.40% month on month, and Q1 performance recovered. Downstream demand picked up, product structure was optimized, and the company's performance gradually recovered. As the consumer market picked up further, downstream customer demand grew. Along with the company's introduction of products in the high-end smartphone market and the continuous penetration of autonomous driving applications in the automobile market, the company achieved significant growth in 24Q1 revenue. At the same time, due to factors such as product structure optimization and cost control, the company's product gross margin gradually recovered, driving the company's profit growth. Maintain an “Overweight” rating.