Investment Rating - The report maintains an "Accumulate" investment rating for the company [1][24]. Core Views - The company's gross margin continues to be under pressure, with an increasing proportion of revenue coming from outside its home province. The revenue from power engineering construction and smart electricity services, as well as power equipment supply, showed mixed results, with revenues of 1.504 billion and 1.049 billion respectively, reflecting a year-on-year change of -2.83% and +58.59% [23]. - The company reported a total revenue of 2.694 billion yuan in 2023, a year-on-year increase of 14.3%, but the net profit attributable to the parent company decreased significantly by 69.36% to 78 million yuan [2][24]. - The company is expanding its operations outside its home province, with revenue from these areas exceeding 30% of total revenue, indicating a strategic shift to diversify its market presence [23]. Financial Summary - In 2023, the company achieved a revenue of 2.694 billion yuan, with a projected revenue growth of 22.5% in 2024, reaching 3.301 billion yuan [4][24]. - The net profit for 2024 is expected to rebound to 172 million yuan, representing a year-on-year growth of 119.6% [24]. - The gross margin for 2023 was reported at 19.4%, with projections for 2024 showing a slight decline to 18.8% [12][16]. Revenue and Profit Forecast - The company is expected to achieve sales revenues of 3.301 billion, 4.017 billion, and 4.768 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 172 million, 240 million, and 272 million yuan [24]. - The projected P/E ratios for the years 2024, 2025, and 2026 are 21X, 15X, and 13X respectively, indicating a favorable valuation trend [24].
毛利率延续承压，省外业务有序拓展