Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company is a leader in engineering cost consulting, leveraging technology for future growth. It has a strong market position with a focus on engineering cost consulting as its core business, supported by engineering design, bidding agency, and project management services [2][37]. - The company has shown robust financial performance, with a revenue of 938.36 million yuan in 2023, a year-on-year increase of 13.36%, and a net profit of 202.07 million yuan, up 25.36% [2][54]. - The engineering cost consulting industry is expected to grow significantly due to the large scale of fixed asset investments in China, providing a favorable environment for the company's core business [3][92]. Summary by Sections Business Overview - The company focuses on engineering cost consulting and holds multiple high-level qualifications, including first-class design and supervision certifications [2][37]. - It has a strong client base, with over 60% of revenue coming from central and state-owned enterprises [2][54]. Market Potential - The fixed asset investment in China exceeded 50 trillion yuan in 2023, creating substantial growth opportunities for the engineering cost consulting sector [3][92]. - The industry is characterized by low concentration, allowing the company to potentially acquire smaller firms to enhance market share [3][88]. Growth Strategy - The company has a solid order backlog of approximately 2.794 billion yuan, with a typical revenue conversion cycle of 3-4 years, indicating stable growth prospects [4]. - It emphasizes research and development, with a focus on digital management platforms to improve service quality and efficiency [4][66]. Financial Projections - The company forecasts net profits of 223.08 million yuan, 244.63 million yuan, and 265.46 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 2.32, 2.55, and 2.76 yuan per share [5]. - The current P/E ratio is projected to decrease from 9.47 in 2024 to 7.96 in 2026, indicating potential undervaluation compared to peers [5]. Dividend Policy - The company has a history of high dividends, with a cumulative cash dividend of 460 million yuan since 2016 and a dividend yield of 6.7% in 2023 [2][46].
青矩技术：工程造价咨询龙头，专业+科技赋能未来成长