毛利率显著提升，水利及新兴业务订单高增

Investment Rating - The investment rating for the company is "Buy" with a current price of 5.12 CNY and a fair value of 5.62 CNY, maintaining the previous rating of "Buy" [5]. Core Insights - The company reported a revenue of 13.538 billion CNY in Q1 2024, a year-on-year decrease of 16.25%. The net profit attributable to shareholders was 310 million CNY, down 10.75% year-on-year, while the net profit excluding non-recurring items was 284 million CNY, a decrease of 23.52% year-on-year [12]. - The gross margin significantly improved, with Q1 2024 gross margin/net margin/ROE (weighted) at 12.98%/2.93%/2.46%, showing year-on-year changes of +2.14/+0.23/-0.15 percentage points. The company experienced a net cash outflow from operating activities of 3.201 billion CNY in Q1 2024, which was a larger outflow compared to 1.565 billion CNY in Q1 2023 [24]. - The company secured new engineering contracts worth 38.979 billion CNY in Q1 2024, representing a year-on-year increase of 1.37%. The order structure continues to optimize, with infrastructure business accounting for 66.97% of the total [25]. - The company expects net profits attributable to shareholders for 2024-2026 to be 1.788 billion CNY, 2.062 billion CNY, and 2.380 billion CNY respectively, maintaining a fair value estimate of 5.62 CNY per share, corresponding to an estimated valuation of approximately 5.4 times PE for 2024 [25]. Financial Summary - The company's revenue for 2022 was 80.12 billion CNY, with a projected growth rate of 12.3% for 2023 and 13.9% for 2024. The EBITDA for 2022 was 5.769 billion CNY, with a forecasted increase to 7.196 billion CNY in 2023 [13]. - The net profit attributable to shareholders was 1.38 billion CNY in 2022, with a growth rate of 25.9% and a projected increase to 1.553 billion CNY in 2023 [13]. - The company’s earnings per share (EPS) for 2022 was 0.80 CNY, expected to rise to 0.91 CNY in 2023 and 1.04 CNY in 2024 [13].