北方国际：Q1业绩快速释放，看好一体化业务扩张

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][33]. Core Insights - The company has shown a robust performance in Q1 2024, with a revenue of 5.014 billion yuan, representing a year-on-year growth of 4.63%. The net profit attributable to shareholders reached 264 million yuan, up 36.07% year-on-year, driven by the release of profits from the integrated business model and a significant reduction in financial expenses and credit impairment losses [30][31]. - The transition from traditional engineering to an integrated investment and operation model is increasingly supporting the company's performance. The integrated projects are expected to enhance profitability and stability in earnings, contributing to sustained growth in the long term [4][30]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a gross margin of 9.62%, a decrease of 3.23 percentage points year-on-year. However, the net profit margin improved to 5.26%, an increase of 1.22 percentage points year-on-year, primarily due to lower expense ratios and credit impairment losses [3][30]. - The company reported a significant reduction in financial expenses by 159.06% year-on-year, mainly due to increased exchange gains, and a decrease in credit impairment losses by 89.28% to 8.3127 million yuan [30][31]. Business Development - The company has made notable progress in its Mongolian coal trading business, with a total throughput of 5.2 million tons in 2023, a 70% increase year-on-year. Additionally, the sales of coking coal reached 5.31 million tons, marking a 194% year-on-year growth [4][30]. - The integrated projects, including the Croatian wind power project and the Laos South Power Station, are progressing smoothly, contributing positively to the company's operational capabilities and market expansion [4][30]. Future Outlook - The company is expected to achieve net profits of 1.01 billion yuan and 1.12 billion yuan in 2024 and 2025, respectively, corresponding to a price-to-earnings ratio of 12.1 and 11.0 times based on the current stock price [4][30].