扣非净利润高增长，盈利能力显著提升 推荐

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1]. Core Views - The company reported a significant increase in net profit excluding non-recurring items, with a growth of 36.07% year-on-year. The revenue from planning and consulting services has also seen rapid growth [1]. - In 2023, the company achieved operating revenue of 2.389 billion yuan, a decrease of 5.20% year-on-year, while the net profit attributable to shareholders was 254 million yuan, an increase of 12.39% [1]. - The company’s gross profit margin improved to 32.98%, up 7.01 percentage points year-on-year, with the gross margins for various segments such as surveying and design, engineering supervision, and technical services showing positive trends [1]. Summary by Sections Financial Performance - In 2023, the company’s operating revenue was 2.389 billion yuan, down 5.20% year-on-year, while the net profit attributable to shareholders was 254 million yuan, up 12.39%. The net profit excluding non-recurring items was 248 million yuan, up 36.07% [1]. - For Q1 2024, the company reported operating revenue of 431 million yuan, a decrease of 17.95%, but the net profit was 53 million yuan, an increase of 15.09% [1]. - The company’s gross profit margin for 2023 was 32.98%, with a year-on-year increase of 7.01 percentage points. The gross margins for surveying and design, engineering supervision, and technical services were 40.51%, 35.54%, and 44.13%, respectively [1]. Revenue Breakdown - The revenue from various segments in 2023 was as follows: planning and consulting (1.49 billion yuan, +35.58%), engineering supervision (1.074 billion yuan, +19.79%), technical services (377 million yuan, +2.69%), and engineering construction (265 million yuan, +8.19%) [1]. - The company’s revenue from the real estate sector was 249 million yuan, with no similar business in the reporting period [1]. Future Outlook - The company is expected to achieve revenues of 2.556 billion yuan, 2.768 billion yuan, and 3.023 billion yuan for the years 2024 to 2026, representing year-on-year growth rates of 7.00%, 8.29%, and 9.19%, respectively [1]. - The projected net profits for the same period are 273 million yuan, 301 million yuan, and 337 million yuan, with corresponding year-on-year growth rates of 7.45%, 10.26%, and 11.90% [1].