业绩略超预期 柔直行业景气度有望持续提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6][7]. Core Insights - The company reported a slight revenue decline of 15.09% year-on-year in Q1 2024, with revenues reaching 2.81 billion yuan. However, it achieved a significant net profit increase of 47.39% year-on-year, amounting to 237 million yuan, which exceeded expectations [6]. - The overall gross margin improved significantly to 18.27%, an increase of approximately 4.63 percentage points compared to the same period last year, attributed to changes in revenue structure [6]. - Cash flow showed substantial improvement, with net operating cash flow reaching 260 million yuan, marking the first positive Q1 cash flow since 2013. Contract liabilities also increased significantly to 1.95 billion yuan, a rise of about 43% from the end of 2023 [6]. - The report highlights a favorable outlook for the flexible direct current (DC) industry, driven by high demand for ultra-high voltage projects and the expected growth in flexible DC technology applications [6]. Summary by Sections Financial Performance - Q1 2024 revenue was 2.81 billion yuan, down 15.09% year-on-year, while net profit was 237 million yuan, up 47.39% year-on-year [6]. - The gross margin for Q1 2024 was 18.27%, up 4.63 percentage points year-on-year, indicating improved profitability despite revenue decline [6]. - The company expects to achieve net profits of 1.184 billion, 1.575 billion, and 1.758 billion yuan for the years 2024, 2025, and 2026, respectively [7]. Market Outlook - The report anticipates continued growth in the flexible DC sector, with significant projects expected to utilize this technology, enhancing the company's growth prospects [6]. - The company is positioned to benefit from the ongoing high demand for ultra-high voltage projects, with a total of 15.5 billion yuan in contracts secured in 2023 [6].