净利率显著提升，看好公司转型前景

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 15.23 CNY, based on a target PE of 15 times for 2024 [4][15]. Core Views - The company reported a revenue of 5.01 billion CNY for Q1 2024, representing a year-over-year increase of 4.6%, and a net profit of 260 million CNY, which is a 36.1% increase year-over-year [3]. - The company continues to benefit from the "Belt and Road" initiative, with ongoing projects in Bangladesh, Congo, and Mongolia contributing to its growth [4]. - The company is expected to achieve revenues of 23.8 billion CNY, 26.3 billion CNY, and 29.1 billion CNY for the years 2024, 2025, and 2026, respectively, with a compound annual growth rate (CAGR) of 11% [4]. Financial Performance - In Q1 2024, the gross profit margin was 9.6%, down 3.2 percentage points year-over-year, attributed to decreased benefits from international engineering and wind power projects [6]. - The net profit margin for Q1 2024 was 5.3%, an increase of 1.2 percentage points year-over-year, primarily driven by profit growth from the integrated mining project in Mongolia [6]. - The company’s asset-liability ratio at the end of Q1 2024 was 60.6%, a decrease of 1.4 percentage points year-over-year [13]. Revenue and Profit Forecast - The forecasted revenues for 2024, 2025, and 2026 are 23.8 billion CNY, 26.3 billion CNY, and 29.1 billion CNY, respectively, with corresponding net profits of 1.0 billion CNY, 1.1 billion CNY, and 1.3 billion CNY [4][19]. - The company is expected to maintain a net profit growth rate of approximately 11% for 2024 and 2025, and 12% for 2026 [4].