Attending conferences as a first-year undergrad I'm a first-year undergraduate student in physics. Since starting my studies I've tried to get involved in research as much as possible. Recently, the team I work with encouraged me to submit an abstract about my current project (which is the first serious one that I've taken on) for an upcoming conference. I did and I got accepted with a poster.

Now my question is: How should I approach this to benefit the most? Or maybe there isn't even a point in me going at all?

I'm under the impression that most of the typical advantages of attending a conference such as networking, or keeping up-to-date with recent advances aren't really applicable to me as I simply lack the necessary knowledge. So far I've only taken a basic mechanics course and I have some working knowledge that I've acquired while working at the lab but nothing beyond that.

Additional information: the conference is obviously not a high-tier one. Judging by previous editions, about 150 attendees are expected, around 1/3-1/2 of that international (this is all in Europe by the way). Travel funding is provided by our department [active participation, in form of a poster, was part of the requirements to get that funding].
"keeping up-to-date with recent advances aren't really applicable to me..."


Not so; that's a myth. Your poster got accepted, and that means you are now part of the "recent advances" in the field. 

So, go. Tell people what you are doing. No, people won't flock to your poster and ask for your autograph; however, chances are, someone there will find your work interesting. You might get to talk with people who have done similar work. You might get a few pointers. You might get some affirmation that you're working on an interesting problem. 

I went to a conference once where I was just starting out in the field. One of the world's most renowned experts attended my talk. Imagine my surprise when, a year later, my advisor returned from the same conference, he told me that this same expert approached him, and asked, "Where is that student of yours? I really liked his idea..."

You never know what kind of benefit you might get over the course of a few days when everyone there shares expertise in some common interest. Sometimes it's someone who can help you out, or nudge you in the right direction, or motivate you, or challenge you (hopefully in a constructive way), or merely encourage you by nodding their head as you speak, seemingly interested in what you are doing.  Maybe you'll end up with a business card and a contact number of someone who can help you down the road as your research progresses. 

Likewise, you stand to learn a lot from them, too. Who knows? Maybe someone will light a spark that will ignite a passion later. 

By the way, most people like talking about their own research. So, if you attend a session that interests you, but a lot of it goes over your head, try to sit with that speaker at the lunch table. I'd bet that, more often than not, he wouldn't mind explaining some of the fundamentals to a bright and curious student.

Maybe I'm being overly optimistic, but I'd bet you'll come back a bit more rejuvenated, somewhat more enlightened, and a lot more encouraged.