一季度业绩落地，全年多点发力

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total operating revenue of 8.242 billion yuan for Q1 2024, a year-on-year decrease of 0.40%, and a net profit attributable to shareholders of 636 million yuan, down 17.20% year-on-year [2] - The gross profit margin was 18.03%, a decrease of 0.3 percentage points year-on-year, while the net profit margin was 7.67%, down 1.93 percentage points year-on-year [2] - The company has a substantial order backlog in its marine projects, with approximately 11.5 billion yuan in hand as of March 31, 2024, driven by high domestic and international demand [2] - The company is focusing on core technology innovation in its communication segment, developing high-density optical fibers for data centers and other specialized products [2] - The company is expanding its new energy layout, ranking sixth globally in the shipment of energy storage systems in 2023, and has established a portfolio of photovoltaic power stations with a total capacity of 390.26 MW [2] Financial Summary - The company is expected to achieve operating revenues of 51.14 billion yuan, 55.53 billion yuan, and 59.97 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.944 billion yuan, 4.631 billion yuan, and 5.161 billion yuan for the same years [2][5] - The projected PE ratios for 2024, 2025, and 2026 are 10.87, 9.26, and 8.31 respectively [2][5] - The company’s return on equity (ROE) is expected to be 10.77%, 11.32%, and 11.29% for 2024, 2025, and 2026 respectively [5]