焦煤贸易及汇兑收益驱动业绩高增，运营利润有望持续放量

Investment Rating - The report maintains a "Buy" rating for the company [8][9]. Core Views - The company's performance in Q1 2024 shows significant growth driven by increased coal trade and foreign exchange gains, with a net profit of 260 million yuan, up 36% year-on-year [7]. - The company has a robust order backlog, with effective project contracts amounting to 5.75 billion USD (approximately 41.7 billion yuan), supporting stable growth in the engineering segment [7]. - The Mongolian coal integration project and the gradual commissioning of the Bangladesh power plant are expected to contribute significantly to revenue growth [20]. Financial Performance Summary - In Q1 2024, the company achieved operating revenue of 5 billion yuan, a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 260 million yuan, a 36% increase [7]. - The comprehensive gross margin for Q1 2024 was 9.62%, a decrease of 3.23 percentage points year-on-year, primarily due to reduced profitability in the engineering segment and an increase in low-margin trading business [7]. - The net profit margin improved to 5.26%, up 1.22 percentage points year-on-year, aided by a significant reduction in financial expense rates due to foreign exchange gains [7]. - The company forecasts net profits of 1.04 billion yuan, 1.31 billion yuan, and 1.49 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.04, 1.31, and 1.49 yuan [8][21]. Operational Highlights - The Mongolian coal project saw a substantial increase in throughput, with a 70% year-on-year growth in cargo volume, and coal trade sales increased by 194% year-on-year [20]. - The Bangladesh power plant project is expected to be operational in the second half of 2024, potentially generating an annual net profit of 1 billion USD (approximately 7.2 billion yuan) [20].