一季度业绩符合预期，全年有望实现稳健增长

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE ratio of 10, 8, and 6 times for the years 2024, 2025, and 2026 respectively [4]. Core Insights - The company is expected to achieve steady growth throughout the year, benefiting from domestic circulation and dual carbon strategies. The projected net profits for 2024, 2025, and 2026 are 880 million, 1,108 million, and 1,340 million yuan respectively, with a revenue forecast of 12,148 million, 15,723 million, and 19,746 million yuan for the same years [4][19][20]. - The first quarter of 2024 saw the company achieve a revenue of 1,635 million yuan, a year-on-year increase of 4.46%, and a net profit of 122 million yuan, up 13.78% year-on-year, indicating that the performance met expectations [18][25]. Summary by Sections Financial Performance - For Q1 2024, the company reported a revenue of 16.35 billion yuan, with a year-on-year growth of 4.46%. The net profit attributable to the parent company was 1.22 billion yuan, reflecting a year-on-year increase of 13.78% [18][25]. - The company aims for revenue and profit growth rates to exceed national economic growth rates, while also focusing on reducing cost ratios and increasing R&D investment [26]. Business Strategy - The company is transitioning towards low-carbon energy industries, leveraging its strengths in energy and power engineering technology. It aims to enhance its smart control technology advantages through the integration of processes, automation, and digitalization [10]. - The operational strategy for 2024 includes a focus on high-quality development through a framework termed "Two Increases, One Decrease, Three Improvements" [26]. Market Position - The company has received recognition for its subsidiaries, with several being awarded the title of "Specialized, Refined, Unique, and Innovative" small giant enterprises by the state [18]. - The stock's closing price was reported at 11.18 yuan, with a market capitalization of 8.338 billion yuan [16]. Earnings Forecast - The projected earnings per share for 2024, 2025, and 2026 are 1.15 yuan, 1.45 yuan, and 1.75 yuan respectively, with a corresponding net profit growth rate of 34.4%, 26.0%, and 20.9% [19][20].