业绩实现高增长，加速中东欧电力布局

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved significant revenue growth driven by the integrated mining project in Mongolia, with Q1 2024 revenue reaching 5.014 billion yuan, a year-on-year increase of 4.63%. The net profit attributable to shareholders was 263 million yuan, up 36.07% year-on-year, primarily due to increased profits from the mining project and currency fluctuations [4]. - The company plans to establish a wholly-owned subsidiary in Hungary with an investment of 29 million euros to expand its presence in the Central and Eastern European power market [4]. Financial Performance Summary - Q1 2024 gross margin was 9.62%, a decrease of 3.23 percentage points year-on-year, while the net margin improved to 5.56%, an increase of 0.87 percentage points year-on-year [4]. - The company forecasts revenues of 25.974 billion yuan, 30.314 billion yuan, and 34.675 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 20.88%, 16.71%, and 14.39% [5]. - The projected net profits for the same years are 1.082 billion yuan, 1.246 billion yuan, and 1.382 billion yuan, with year-on-year growth rates of 17.91%, 15.08%, and 10.96% [5]. Operational Highlights - The mining segment saw a significant increase in output, with the company mining 43 million cubic meters in Mongolia, a year-on-year increase of 185% [4]. - The logistics segment achieved a record coal transportation volume of 6.05 million tons, up 225% year-on-year [4]. - The company optimized its customs clearance model, resulting in a 70% year-on-year increase in cargo throughput to 5.2 million tons [4]. Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.08 yuan, 1.24 yuan, and 1.38 yuan, respectively, corresponding to price-to-earnings (PE) ratios of 10.91, 9.48, and 8.55 [4][5].