Q1盈利能力边际好转，改革效果初现

Investment Rating - The investment rating for the company is "Buy" and is maintained [10][13]. Core Views - The company is expected to achieve revenues of 40.19 billion, 46.55 billion, and 52.13 billion for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 14.86%, 15.83%, and 11.97% [10]. - The net profit attributable to the parent company is projected to be 3.03 billion, 3.66 billion, and 4.66 billion for the same years, reflecting significant growth rates of 315.31%, 20.72%, and 27.27% [10]. - Corresponding price-to-earnings (PE) ratios are expected to be 20, 17, and 13 for the years 2024, 2025, and 2026 respectively [10]. Financial Performance Summary - In 2023, the company achieved a revenue of 34.99 billion, representing a year-on-year increase of 20.22%, while the net profit was 0.73 billion, down 49.21% year-on-year [22]. - For Q4 2023, the revenue was 9.17 billion, with a year-on-year growth of 6.67%, but the net profit was negative at -0.85 billion, a decline of 297.22% year-on-year [22]. - In Q1 2024, the revenue reached 9.16 billion, showing a year-on-year increase of 15.31%, and the net profit was 0.77 billion, up 53.96% year-on-year [22]. Financial Metrics - The gross margin for 2023 was 31.4%, with a slight decrease from 2022 [4]. - The net profit margin for 2023 was 2.0%, down from -9.4% in Q4 2023, but improved to 8.3% in Q1 2024 [4]. - The company’s earnings per share (EPS) for 2024 is projected to be 1.79, with a PE ratio of 20 [16].