公司信息更新报告：新能源电控业务盈利能力持续环比提升，工程传动业务略不及预期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q1 2024 revenue was 550 million yuan, a year-over-year decrease of 10% and a quarter-over-quarter decrease of 51.8%. The net profit attributable to the parent company was 55 million yuan, down 29.5% year-over-year and 45.5% quarter-over-quarter, while the non-recurring net profit was 71 million yuan, up 29.3% year-over-year [4] - The gross margin for Q1 2024 was 44.0%, an increase of 5.0 percentage points quarter-over-quarter, and the net margin was 11.4%, up 2.5 percentage points quarter-over-quarter [4] - The company maintains its profit forecast for 2024-2026, expecting net profits of 565 million, 700 million, and 898 million yuan respectively, with corresponding EPS of 1.28, 1.58, and 2.03 yuan, leading to PE ratios of 14.9, 12.0, and 9.4 times [4][6] Financial Performance Summary - In Q1 2024, the revenue from the new energy control business was 419 million yuan, down 12.2% year-over-year and 54.6% quarter-over-quarter, with a gross margin of 41.2%, which has increased for seven consecutive quarters [4] - The engineering transmission business revenue was 62 million yuan, down 29% year-over-year and 57% quarter-over-quarter, with a gross margin of 40.2% [5] - The company’s total revenue for 2022 was 2.809 billion yuan, which increased to 3.752 billion yuan in 2023, and is projected to reach 4.519 billion yuan in 2024, reflecting a year-over-year growth rate of 20.5% [6] Market Position and Competitive Advantage - The company has established itself as a leading brand in the domestic natural gas transmission sector and continues to lead in various specialized markets, including deep well variable frequency drilling rigs and large oil and gas fracturing equipment [5] - The gross margin for domestic revenue was 43.6%, up 12.8 percentage points year-over-year, while the overseas revenue gross margin was 47.4%, up 4 percentage points year-over-year [4]