Investment Rating - The investment rating for the company is maintained as "Buy" [4][16]. Core Views - The company is one of the early developers of SMO (Site Management Organization) services in China, with rapid order growth and recovering profit margins. The projected net profits for 2024 and 2025 are 169 million and 212 million yuan respectively, with a new forecast for 2026 at 253 million yuan, corresponding to PE ratios of 17, 13, and 11 times [4][16]. - The company reported a total revenue of 760 million yuan for 2023, representing a year-on-year growth of 29.6%, and a net profit of 135 million yuan, which is an 86.1% increase year-on-year. For Q1 2024, the revenue was 185 million yuan, showing a growth of 17.4%, while the net profit was 23 million yuan, reflecting a decline of 10.2% due to reduced government subsidies [16][17]. - The company has seen a significant increase in new orders, with a total contract amount of 1.292 billion yuan in 2023, up 23.89% year-on-year. The total contract amount at the end of 2023 was 1.881 billion yuan, a 24.97% increase year-on-year [17][28]. Financial Summary - The total revenue forecast for 2024 is 950 million yuan, with a year-on-year growth rate of 25%. The projected net profit for 2024 is 169 million yuan, with a growth rate of 25.7% [5][6]. - The company’s gross margin is expected to stabilize at 30.4% from 2024 to 2026, with a return on equity (ROE) projected to increase from 13.5% in 2024 to 14.8% in 2026 [5][6]. - The company has maintained a stable growth in employee numbers, reaching 4,407 by Q1 2024, with over 4,200 specialized personnel, indicating strong business demand [28].
23年业绩保持高增长，订单增长迅速