海外订单高增长，毛利率同比明显改善

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.9 CNY, reflecting a 12x PE for 2024 [4][6]. Core Views - The company is expected to benefit from high growth in its operational services and has a robust order backlog, indicating a positive outlook for its business model and profit margin improvements [4][2]. - The international business is anticipated to continue benefiting from the "Belt and Road" initiative, contributing to sustained growth [4]. Financial Performance - In Q1 2024, the company achieved a revenue of 10.29 billion CNY, a year-on-year increase of 2.74%, and a net profit attributable to the parent company of 640 million CNY, up 3.08% year-on-year [1]. - The gross margin improved to 19.5%, an increase of 2.55 percentage points year-on-year, while the net profit margin slightly decreased to 6.59% [3]. - The company signed new orders worth 21.2 billion CNY in Q1 2024, with a significant increase in overseas orders by 70% year-on-year, accounting for 67% of total orders [2]. Financial Projections - The company is projected to achieve net profits of 3.28 billion CNY, 3.79 billion CNY, and 4.38 billion CNY for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 10.2, 8.8, and 7.6 [4][5]. - Revenue is expected to grow from 45.8 billion CNY in 2023 to 67.8 billion CNY by 2026, reflecting a compound annual growth rate of approximately 12.97% [5][11].