盈利能力承压，海外业务稳步推进

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [6][4]. Core Viewpoints - The company's performance has been under pressure, with a focus on expanding overseas business, which is expected to drive future growth [1][4]. - The overseas sales of building materials are anticipated to become a core variable for the company's performance and valuation, supported by high gross margins and growth potential [1][4]. - The report highlights the significant contribution of overseas orders, which accounted for over 65% of total orders in Q1 2024, despite challenges in pricing for certain products [2][4]. Financial Performance Summary - In Q1 2024, the company achieved revenue of 2.562 billion yuan, a year-on-year increase of 2.83%, while net profit attributable to shareholders was 311 million yuan, a decrease of 22.6% [1][3]. - The gross margin for Q1 2024 was 26.8%, down 5.37 percentage points year-on-year, with a net profit margin of 15.92%, down 6.53 percentage points year-on-year [3][4]. - Cash flow from operations improved significantly, with a net cash inflow of 104 million yuan, an increase of 588 million yuan year-on-year, and a cash collection ratio of 108.84%, up 31.79% year-on-year [3][4]. Business Segment Analysis - The building materials machinery segment saw rapid growth in orders, benefiting from a global sales network, with overseas orders exceeding 65% [2][4]. - The overseas building materials sales segment is expanding, with several projects in Kenya, Cameroon, Tanzania, Peru, and Ivory Coast expected to contribute to revenue and profit growth [2][4]. - The lithium battery materials segment experienced an increase in production and sales volume, but profitability was pressured by industry supply-demand dynamics and price declines [2][4]. Financial Forecasts - The company is projected to achieve net profits of 1.74 billion yuan, 1.93 billion yuan, and 2.24 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting a year-on-year decrease of 17.0% in 2024, followed by growth of 11.4% and 16.0% in the subsequent years [4][5]. - Revenue is expected to grow from 9.70 billion yuan in 2023 to 11.97 billion yuan in 2024, representing a growth rate of 23.46% [5][12].