Tianfeng Securities·2025-04-30 07:44Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company achieved a revenue of 100.37 billion yuan in Q1, a year-on-year increase of 3.05%, with a net profit attributable to shareholders of 1.61 billion yuan, up 8.83% year-on-year, and a non-net profit of 1.39 billion yuan, reflecting a significant year-on-year increase of 24.03% [1] - The company continues to make progress in new business layouts, with the world's first 300 MW compressed air energy storage project achieving full capacity grid-connected power generation [1] - The company expects net profits attributable to shareholders to reach 8.79 billion yuan, 9.41 billion yuan, and 10.17 billion yuan for the years 2025 to 2027, respectively [1] Financial Performance - In Q1, the company signed new contracts worth 388.9 billion yuan, a year-on-year increase of 5.8%, with core business engineering construction contracts amounting to 364.05 billion yuan, up 15.5% year-on-year [2] - The gross profit margin for Q1 was 11.18%, an increase of 0.47 percentage points year-on-year, while the net profit margin was 2.60%, up 0.19 percentage points year-on-year [3] - The company reported a net cash flow from operating activities of -14.51 billion yuan, a decrease in outflow of 1.68 billion yuan compared to the same period last year [3] Business Segments - The new energy business continues to grow rapidly, with new contracts in traditional energy, new energy, integrated smart energy, urban construction, and comprehensive transportation showing year-on-year increases of 6.1%, 20%, 57.8%, and 96.7%, respectively [2] - The company’s domestic new contract amount reached 287.46 billion yuan, a year-on-year increase of 4.2%, while the overseas new contract amount was 101.44 billion yuan, up 10.5% year-on-year [2] Financial Data and Valuation - The company’s projected revenue for 2023 is 406.03 billion yuan, with a growth rate of 10.82%, and the projected net profit attributable to shareholders is 7.99 billion yuan, with a growth rate of 2.26% [5] - The company’s price-to-earnings ratio (P/E) is projected to decrease from 11.59 in 2023 to 9.10 in 2027, indicating an improving valuation [5]