2024年一季报点评：产绿双核驱动

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.55 [1][9]. Core Views - The company reported positive year-on-year growth in both revenue and net profit attributable to shareholders for Q1 2024, aligning with expectations [1]. - The gross profit margin for Q1 2024 was 71.4%, an increase of 20.6 percentage points compared to the same period in 2023, attributed to varying stages of park development projects [1]. - The company plans to acquire a 33.5MW photovoltaic power project to expand its distributed photovoltaic asset scale and capacity [1]. - The company aims to accelerate its expansion in the photovoltaic sector to achieve a target of 2GW [1]. - The company is focusing on investments in semiconductor, robotics, and biomedicine sectors, with a planned investment fund of up to 3.4 billion [1]. Summary by Sections Financial Performance - For Q1 2024, the company achieved revenue of 10.3 billion, a year-on-year increase of 13.1% [1]. - The net profit attributable to shareholders was 4.7 billion, reflecting a year-on-year growth of 13.1% [1]. - The gross profit margin for Q1 2024 was 71.4%, up from 50.8% in 2023 [1][10]. Investment Strategy - The company is set to acquire a controlling stake in China Gas Holdings to enhance its photovoltaic project portfolio [1]. - The investment strategy includes a focus on high-growth sectors such as semiconductors and robotics, with a cumulative commitment of up to 3.4 billion [1]. Market Position - The company has a market capitalization of 12,576 million and a current stock price of 8.39, with a 52-week price range of 6.89 to 10.23 [2][1].