Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company, Qingju Technology, is a leader in the field of engineering consulting services, focusing on full-process engineering consulting and actively promoting digital transformation through AI technologies [4][5]. - The company has shown steady revenue growth, with a 2.71% year-on-year increase in operating income and a 1.04% increase in net profit attributable to shareholders for the first three quarters of 2025 [5]. - The engineering consulting industry in China is expected to grow due to the continuous expansion of fixed asset investment, with the number of engineering consulting firms increasing from 8,194 in 2019 to 16,536 in 2024 [5][34]. Summary by Sections 1. Business Overview - Qingju Technology has been focused on engineering cost consulting since its establishment in 2001 and has maintained a leading position in the domestic market. The company is also involved in engineering design, bidding agency, supervision, and project management [5][14]. - The full-process engineering consulting service is the main revenue source, accounting for over 96% of total revenue in the first half of 2025, with a revenue growth rate of 4.53% [17][19]. 2. Industry Analysis - The engineering consulting industry is experiencing rapid growth, with the market size of engineering cost consulting increasing from 89.25 billion yuan in 2019 to 111.24 billion yuan in 2024 [34][60]. - The demand for full-process engineering consulting services is rising, with its revenue share in the engineering cost consulting sector increasing from 25.7% in 2018 to 32.3% in 2024 [62][66]. 3. Financial Performance and Forecast - The company is projected to achieve net profits of 191 million yuan, 216 million yuan, and 239 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 18.6, 16.5, and 14.9 [7][8]. - Revenue forecasts for 2025 to 2027 are expected to grow steadily, with operating income projected at 992 million yuan, 1.062 billion yuan, and 1.148 billion yuan, reflecting growth rates of 3.47%, 7.05%, and 8.14% respectively [6][8]. 4. Growth Strategy - The company is actively investing in two core projects aimed at enhancing service network layout and driving digital transformation, including the development of various information systems and platforms [30][31]. - Qingju Technology is leveraging advanced technologies such as AI, BIM, cloud computing, and big data to enhance its service offerings and drive innovation in the engineering consulting sector [9][19].
青矩技术（920208）：全过程工程咨询服务领军者，积极布局AI 推行数智化咨询新模式