SIEYUAN(002028) 东吴证券·2024-04-07 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company expects to achieve a net profit attributable to shareholders of 284 to 393 million yuan in Q1 2024, representing a year-on-year increase of 30% to 80%, exceeding market expectations [2] - The company has adjusted its strategy to ensure timely completion and delivery of major projects, which has positively impacted its performance in the traditionally slow season [2] - The company is expected to see robust growth in both domestic and overseas orders, driven by ongoing investment in power grid infrastructure and strong export demand [2] Financial Forecasts and Valuation - The company forecasts net profits of 1.55 billion, 2.02 billion, and 2.53 billion yuan for 2023, 2024, and 2025 respectively, with year-on-year growth rates of 27%, 31%, and 25% [2] - The current price corresponds to a P/E ratio of 31x for 2023, 24x for 2024, and 19x for 2025 [2] - The company’s total revenue is projected to reach 12.45 billion yuan in 2023, 15.67 billion yuan in 2024, and 19.44 billion yuan in 2025, with respective year-on-year growth rates of 18.17%, 25.82%, and 24.08% [2][6]