KAIYUAN SECURITIES·2024-04-30 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company has shown steady revenue and profit growth, with strong development in its renewable energy business. The new order signing continues to expand, indicating a positive outlook for market share growth [3][5] Financial Performance - In Q1 2024, the company achieved operating revenue of 974.04 billion yuan, a year-on-year increase of 10.0%. The net profit attributable to shareholders was 14.81 billion yuan, up 31.7% year-on-year. The operating cash flow was -161.93 billion yuan, with basic earnings per share of 0.034 yuan [4] - The gross profit margin and net profit margin improved by 0.65 and 0.32 percentage points to 10.71% and 2.41%, respectively [4] Order Growth - The company signed new contracts worth 367.76 billion yuan in Q1 2024, a year-on-year increase of 23.5%. Domestic contracts accounted for 275.93 billion yuan, up 25.0%, while overseas contracts reached 91.83 billion yuan, increasing by 19.4% [5] - The renewable energy sector is identified as the primary growth driver, with revenue from this segment reaching 29.61 billion yuan, a 34.5% increase year-on-year, constituting 30.4% of total revenue [5] Capital Raising and Technological Advancements - The company extended the validity period for a private placement to raise up to 14.85 billion yuan, ensuring the smooth progress of related issuance work [6] - In Q1 2024, the company received 552 patent authorizations, a 23.5% increase year-on-year, and achieved breakthroughs in compressed air energy storage technology [6] Earnings Forecast - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 90.5 billion yuan, 106.0 billion yuan, and 123.3 billion yuan for 2024, 2025, and 2026, respectively. Corresponding EPS is projected to be 0.22 yuan, 0.25 yuan, and 0.30 yuan [3][6]