2024Q1业绩符合预期，期待多个下游领域放量

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% in the next 6 to 12 months [27]. Core Insights - The company's Q1 2024 performance met expectations, with revenue of 2.492 billion yuan, a year-on-year decrease of 6.42%, and a net profit of 235 million yuan, down 10.57% year-on-year. The decline is attributed to the downturn in the metallurgy sector, which has affected capital expenditures [23][13]. - The company is actively expanding into various sectors beyond metallurgy, including coal chemical, petrochemical, pharmaceuticals, electricity, and compressed air energy storage, which is expected to reduce reliance on the metallurgy industry [13][24]. - The company has made significant advancements in compressed air energy storage technology, with projects covering a range of scales and has secured multiple contracts in this area, indicating a promising market potential [24]. - The overseas market expansion strategy is yielding positive results, with successful entries into international projects, including a significant breakthrough in the polyolefin sector [24]. Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 2.492 billion yuan, a decrease of 6.42% year-on-year, and a net profit of 235 million yuan, down 10.57% year-on-year. The decline is primarily due to the challenges faced in the metallurgy sector [23][13]. - The company’s gross margin for Q1 2024 was 23.40%, a decrease of 1.53 percentage points year-on-year, while the net margin was 10.65%, an increase of 0.07 percentage points year-on-year [13]. Growth Potential - The company is diversifying its revenue sources, with the metallurgy sector's contribution dropping from 71.60% in 2021 to 45.85% in 2023, indicating a strategic shift towards other industries [13]. - The projected net profits for 2024-2026 are 1.167 billion yuan, 1.367 billion yuan, and 1.522 billion yuan, respectively, with corresponding P/E ratios of 13.6, 11.6, and 10.4 [24]. Research and Development - The company has invested heavily in R&D, with 89 approved standards and 611 patents, enhancing its competitive edge in multiple fields [13]. - The increase in R&D expenditure reflects the company's commitment to innovation and adaptation to the dual carbon goals [13]. Market Outlook - The report highlights the potential for new energy storage solutions, particularly in compressed air storage, which is expected to see significant market growth, estimated at a long-term market space of around 100 billion yuan [24]. - The company's overseas strategy is focused on collaboration with large domestic design institutes and engineering companies to penetrate international markets effectively [24].