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青矩技术首次覆盖报告:造价咨询龙头,业绩稳健增长
GreetecGreetec(BJ:836208)2024-07-23 03:30

Investment Rating - The report assigns a "Recommended" rating for the company, marking its first coverage in the market [6]. Core Insights - The company, Qingju Technology, is a leader in the engineering cost consulting sector in China, focusing on investment control in construction projects. It has shown steady revenue growth since its listing on the Beijing Stock Exchange [3][23]. - The engineering cost consulting industry in China is in its early development stage, with significant market potential driven by national investments in new urbanization and infrastructure [4][47]. - The company is expected to benefit from a new development model that integrates professionalism, technology, and capital, enhancing its market share and business penetration [5][49]. Summary by Sections Company Overview - Qingju Technology primarily engages in engineering cost consulting, with additional services in engineering design, bidding agency, supervision, and project management. The company has established itself as a leading player in the investment control field of construction projects [3][23]. Financial Performance - From 2021 to 2023, the company achieved revenues of 803 million yuan, 828 million yuan, and 938 million yuan, with year-on-year growth rates of 19.57%, 3.04%, and 13.36% respectively. The compound annual growth rate (CAGR) for revenue over these three years is 8.08% [3][30]. - The net profit attributable to shareholders for the same period was 155 million yuan, 161 million yuan, and 202 million yuan, with year-on-year growth rates of 21.79%, 3.90%, and 25.36%, resulting in a CAGR of 14.16% [3][30]. - In Q1 2024, the company reported revenue of 142 million yuan, a year-on-year increase of 11.28%, and a net profit of 18 million yuan, up 23.72% year-on-year [3][30]. Market Potential - The engineering cost consulting industry has a vast market space, with total fixed asset investments in society exceeding 50 trillion yuan in 2023. The industry generated revenues of 114.5 billion yuan in 2022, indicating significant growth potential [4][47]. - The market is characterized by low concentration and small enterprise scales, necessitating improvements in professional standards and service quality. The industry is at a critical juncture for transformation and upgrading [4][47]. Investment Forecast - The company is projected to achieve revenues of 1.04 billion yuan, 1.14 billion yuan, and 1.21 billion yuan from 2024 to 2026, with year-on-year growth rates of 10.82%, 9.22%, and 6.23% respectively. The net profit attributable to shareholders is expected to be 222 million yuan, 238 million yuan, and 260 million yuan for the same period [5][62]. - The earnings per share (EPS) are forecasted to be 3.24 yuan, 3.47 yuan, and 3.79 yuan, with corresponding price-to-earnings (PE) ratios of 10.02, 9.34, and 8.56 [5][62].