2023年收入业绩快速释放，2024Q1持续增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [13]. Core Insights - The company reported a significant increase in revenue for 2023, achieving 3.242 billion yuan, a year-on-year growth of 88.39%. The net profit attributable to shareholders was 190 million yuan, up 38.73% year-on-year [5][6]. - In Q1 2024, the company continued its growth trajectory with revenue of 658 million yuan, representing a year-on-year increase of 14.21%, and a net profit of 39 million yuan, up 14.23% year-on-year [5][6]. - The engineering services segment was a major contributor to revenue growth, accounting for 84.71% of total revenue in 2023, with a year-on-year increase of 106.70% [6]. - The company has secured substantial contracts, including a total of approximately 650 million yuan from projects with Zhejiang Tuoxian Optical Materials Co., indicating a strong order backlog that supports future revenue growth [8]. Summary by Sections Financial Performance - In 2023, the company achieved a gross profit margin of 14.54%, a decrease of 5.27 percentage points year-on-year, primarily due to increased costs associated with business scale expansion [26]. - The operating cash flow for 2023 was a net inflow of 351 million yuan, a decrease of 68 million yuan year-on-year, with a cash collection ratio of 95.28%, down 48.64 percentage points [27]. Future Outlook - The company has a robust order backlog, with expectations for continued high growth in revenue and profits in 2024 and 2025, projecting net profits of 218 million yuan and 255 million yuan, respectively [8][34]. - The company is actively participating in multiple project bids, which enhances its revenue potential and market position [8].