2023年报和2024年一季报点评：业绩稳增长，持续受益于电力信息化推进

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][12]. Core Insights - The company achieved a revenue of 1.062 billion yuan in 2023, representing a year-on-year growth of 22.96%, while the net profit attributable to shareholders was 256 million yuan, up 13.09% year-on-year. However, in Q1 2024, revenue declined by 23.71% year-on-year to 141 million yuan, and net profit dropped by 42.44% to 23 million yuan [1][12]. - The company is positioned as a one-stop intelligent grid service provider, benefiting from the ongoing digitalization and smartization of the power industry. It focuses on system integration, engineering consulting, and operation and maintenance services, with an emphasis on innovative products to enhance service efficiency and grid stability [12][13]. - The projected revenue for 2024-2026 is 1.384 billion yuan, 1.741 billion yuan, and 2.109 billion yuan, with corresponding growth rates of 30.3%, 25.8%, and 21.1% respectively. The net profit is expected to be 326 million yuan, 407 million yuan, and 492 million yuan, with growth rates of 27.2%, 24.7%, and 20.9% respectively [12][13]. Financial Summary - In 2023, the company's revenue by business segment included 696 million yuan from system integration (up 2.58%), 307 million yuan from construction and operation (up 125.27%), and 51 million yuan from power design (up 11.14%) [12][13]. - The gross margin for 2023 was 39.11%, a decrease of 2.78 percentage points year-on-year, while the net margin was 23.24%, down 2.99 percentage points year-on-year. The operating cash flow for 2023 was 101 million yuan, a decline of 18.55% year-on-year [12][13]. - The company’s target price is set at 28.6 yuan, based on a 21x PE ratio for 2024, reflecting a strong valuation compared to industry peers [12][13].