Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9]. Core Views - The company, Qingju Technology, is a leading player in the engineering consulting and cost management industry, showing strong revenue growth and profitability. In 2023, the company reported revenue of 938 million yuan (up 13.36%) and a net profit of 202 million yuan (up 25.36%). The first quarter of 2024 also showed significant growth with revenue of 142 million yuan (up 11.28%) and a net profit of 18.45 million yuan (up 23.72%) [3][4]. - The company plans to distribute a cash dividend of approximately 108 million yuan, maintaining a consistent dividend payout of over 1 yuan per share for four consecutive years from 2020 to 2023. The profit forecasts for 2024-2026 have been slightly adjusted downwards due to economic conditions, with expected net profits of 227 million yuan (originally 266 million), 263 million yuan (originally 328 million), and 313 million yuan respectively [3][4]. - The company has a strong brand effect in the full consulting trend and is expected to benefit from digital transformation in the medium to long term. The current price-to-earnings (PE) ratios for 2024-2026 are projected to be 11.8, 10.2, and 8.5 times respectively [3][4]. Financial Summary - The company’s revenue is projected to grow from 938 million yuan in 2023 to 1.477 billion yuan in 2026, with year-on-year growth rates of 14.3% in 2024, 15.4% in 2025, and 19.3% in 2026 [5]. - The net profit is expected to increase from 202 million yuan in 2023 to 313 million yuan in 2026, with year-on-year growth rates of 12.2% in 2024, 16.2% in 2025, and 18.8% in 2026 [5]. - The gross margin is projected to remain stable around 45% over the forecast period, while the net margin is expected to be around 21% [5]. - The company’s return on equity (ROE) is forecasted to decline from 21.9% in 2023 to 19.9% in 2024, before recovering to 21.1% in 2026 [5]. Market Position and Projects - Qingju Technology serves nearly 20,000 fixed asset investment projects annually, with notable projects in 2023 including the world's first fourth-generation nuclear power plant and Xiaomi's new energy vehicle smart factory [4]. - The company has a well-structured revenue breakdown across various sectors, including civil engineering (27%), energy engineering (23%), industrial and information technology engineering (17%), transportation engineering (14%), and defense engineering (11%) [4]. Order Backlog - As of the end of 2023, the company had an order backlog of 2.794 billion yuan, reflecting a year-on-year increase of 9.53% [16].
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