业绩符合预期，Q1合同负债创历史新高

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance in Q1 2024 met expectations, with historical highs in contract liabilities and inventory [1][12] - The domestic gross profit margin has improved, while the overseas gross profit margin remains high, indicating a positive trend for overall profitability [3] - The data center cooling tower market is expected to experience significant growth, with the company positioned to benefit from this trend [3] Financial Performance Summary - In 2023, the company achieved revenue of 1.38 billion yuan, a year-on-year increase of 2.0%, and a net profit of 84.82 million yuan, up 15.0% [10] - For Q1 2024, revenue reached 270 million yuan, reflecting a year-on-year growth of 29.5%, with net profit soaring to 12.89 million yuan, a 483.0% increase [10] - The company forecasts revenues of 1.99 billion yuan, 3.06 billion yuan, and 3.15 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 140 million yuan, 251 million yuan, and 254 million yuan [13] Key Financial Metrics - The gross profit margin for 2023 was 28.7%, with expectations of 28.8% in 2024 and 29.8% in 2025 [6] - The net profit margin for 2023 was 6.5%, projected to increase to 7.5% in 2024 [6] - The company's return on equity (ROE) is expected to rise from 8.5% in 2023 to 12.9% in 2024 [6] Market Position and Outlook - The company holds a backlog of orders worth 3.623 billion yuan as of December 31, 2023, a 43.1% increase from the previous year [12] - The report highlights the potential for the company to disrupt the foreign monopoly in the data center cooling tower market, driven by increasing domestic demand [3]