业绩稳健符合预期，在手订单饱满

Investment Rating - The report maintains a "Buy" rating for Jingcheng Electromechanical (300316 SZ) with a target price of 44 04 yuan per share [3] Core Views - Jingcheng Electromechanical's Q1 2024 performance was stable and in line with expectations with revenue of 4 51 billion yuan (+25 28% YoY) and net profit of 1 07 billion yuan (+20 65% YoY) [2] - The company's gross margin increased to 43 52% (+2 91pct YoY +2 94pct QoQ) while net margin slightly declined to 23 72% (-0 91pct YoY +0 64pct QoQ) [2] - As of Q1 2024 the company had 10 3 billion yuan in contract liabilities and 28 26 billion yuan in equipment orders (including tax) which is 2 2 times its 2023 equipment and service revenue [2] - The company's silicon carbide substrate business has achieved mass production and sales with quality leading the industry and is expected to maintain strong shipments [2] - The report forecasts net profits of 5 77 billion 6 77 billion and 7 86 billion yuan for 2024-2026 with EPS of 4 40 5 17 and 6 00 yuan per share respectively [2] Financial Projections - Revenue is expected to grow from 17 98 billion yuan in 2023 to 28 98 billion yuan in 2026 with a CAGR of 17 3% [5] - Net profit is projected to increase from 4 56 billion yuan in 2023 to 7 86 billion yuan in 2026 with a CAGR of 19 9% [5] - The company's ROE is expected to remain strong at 28 8% in 2024 gradually declining to 23 9% by 2026 [5] - EPS is forecasted to grow from 3 49 yuan in 2023 to 6 00 yuan in 2026 [5] Business Segments - The quartz crucible market is expected to remain stable in the short term with prices for high-purity quartz sand used in photovoltaic crucibles showing a slight decline [2] - The silicon carbide substrate business has achieved mass production and sales with quality leading the industry and is expected to maintain strong shipments [2]