？利润增速可观，费用控制效果显著

Investment Rating - Buy (maintained) [1] Core Views - The company's profit growth is significant, with effective cost control measures in place [1] - Revenue for Q1 2024 reached RMB 17.38 billion, a year-on-year increase of 20.25% [1] - Net profit attributable to the parent company was RMB 1.45 billion, up 57.39% year-on-year [1] - Non-GAAP net profit was RMB 1.19 billion, a year-on-year increase of 76.05% [1] - Gross margin was 31.03%, a decrease of 2.3 percentage points year-on-year [1] - Management expense ratio decreased by 0.7 percentage points, and sales expense ratio decreased by 1.4 percentage points [1] Business Performance - Revenue from the metallurgy industry grew by 62.87%, energy industry by 34.70%, petrochemical industry by 28.95%, and chemical industry by 23.70% [1] - The S2B business has broken through with multiple group-type benchmark customers and is advancing cooperation with over 250 large customers [1] - The company has covered over 30,000 customers in the process industry by the end of December 2023 [1] - Overseas business continues to break through, with projects secured in Saudi Arabia, Kuwait, Malaysia, Indonesia, and Singapore [1] Emerging Business Opportunities - The company is expanding into new areas such as robotics, new energy batteries, wind and solar hydrogen production, smart laboratories, smart coal mines, smart parks, and liquor [1] - Revenue from the new energy battery business reached RMB 634 million in 2023, a year-on-year increase of 463% [1] - The company released a new generation of equipment intelligent sensing platform (PRIDE) and upgraded its intelligent operation management and control system (OMC2.0) and process simulation and design platform (APEX2.0) [1] Financial Projections - Revenue for 2024-2026 is projected to be RMB 111.1 billion, RMB 143.1 billion, and RMB 181.6 billion, respectively, with year-on-year growth rates of 28.9%, 28.8%, and 26.9% [1] - Net profit attributable to the parent company for 2024-2026 is expected to be RMB 13.39 billion, RMB 16.58 billion, and RMB 20.40 billion, respectively, with year-on-year growth rates of 21.5%, 23.8%, and 23.1% [1] Financial Metrics - Revenue for 2023 was RMB 86.2 billion, with a year-on-year growth rate of 30.1% [2] - Net profit attributable to the parent company for 2023 was RMB 11.02 billion, with a year-on-year growth rate of 38.1% [2] - Gross margin for 2023 was 33.2%, and ROE was 14.6% [2] - EPS for 2023 was RMB 1.39, with a P/E ratio of 32.51 [2] - Revenue for 2024E is projected to be RMB 111.13 billion, with a year-on-year growth rate of 28.9% [2] - Net profit attributable to the parent company for 2024E is expected to be RMB 13.39 billion, with a year-on-year growth rate of 21.5% [2] - Gross margin for 2024E is projected to be 35.2%, and ROE is expected to be 13.0% [2] - EPS for 2024E is projected to be RMB 2.71, with a P/E ratio of 16.39 [2]