收入利润均大超预期，在手订单创新高

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [10][12]. Core Insights - The company reported a significant increase in revenue and profit for Q1 2024, achieving an operating income of 1.814 billion yuan, a year-on-year growth of 122%, and a net profit attributable to shareholders of 154 million yuan, up 297% year-on-year [2][10]. - The company has a record high order backlog of 6.8 billion yuan as of March 31, 2024, with expectations for continued strong performance in the upcoming quarters due to seasonal demand [12][10]. - The report projects substantial growth in net profit for 2024-2026, estimating net profits of 769 million yuan, 948 million yuan, and 1.164 billion yuan respectively, with corresponding EPS of 5.66, 6.98, and 8.57 [12][10]. Financial Summary - Revenue projections for 2024E, 2025E, and 2026E are 6.39 billion yuan, 9.22 billion yuan, and 11.58 billion yuan respectively, with growth rates of 44.31%, 25.52%, and 20.26% [3][12]. - The net profit growth rates for the same years are projected at 122.80%, 23.28%, and 22.77% [3][12]. - The company’s PE ratio is expected to decrease from 33.14 in 2024E to 9.83 in 2026E, indicating improving valuation over time [3][12].