Q1营收增速稳健，期待后续表现

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to market indices [6][15]. Core Insights - The company reported a revenue of 11.382 billion yuan for 2023, reflecting a year-on-year growth of 11.5%. However, the net profit attributable to shareholders decreased by 11.5% to 738 million yuan. The adjusted net profit, excluding non-recurring items, increased by 78.08% to 821 million yuan [5][11]. - The gross margin for 2023 was 19.19%, an increase of 2.34 percentage points year-on-year, while the net profit margin was 6.48%, down by 1.69 percentage points [5]. - The company plans not to distribute cash dividends or issue bonus shares in 2023 [5]. Financial Performance Summary - For Q1 2024, the company achieved a revenue of 2.626 billion yuan, up 7.31% year-on-year, with a net profit of 208 million yuan, representing a 28.88% increase [5]. - The projected earnings per share (EPS) for 2024-2026 are 0.94, 1.09, and 1.26 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 11.7, 10.1, and 8.8 [11][14]. - The company’s revenue is expected to grow to 12.772 billion yuan in 2024, with a projected net profit of 1.005 billion yuan, marking a significant recovery from the previous year [4][11]. Market Data - As of April 19, 2024, the closing price of the company's stock was 11.04 yuan, with a total share capital of 1,065.44 million shares and a net asset value of 4,606.39 million yuan [3].