中国电建：收入业绩实现增长，毛利率有所波动

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported a stable revenue growth in Q1 2024, achieving an operating income of 140.15 billion yuan, a year-on-year increase of 5.15%. The net profit attributable to shareholders was 3.045 billion yuan, up 0.79% year-on-year, while the net profit after deducting non-recurring items was 3.021 billion yuan, reflecting a 1.32% increase year-on-year [4][5]. - The company's gross margin decreased, influenced by foreign exchange gains, while the expense ratio saw a year-on-year decline. The comprehensive gross margin for Q1 2024 was 11.79%, down 0.41 percentage points year-on-year. The expense ratio for 2023 was 7.06%, a decrease of 0.97 percentage points year-on-year [4][5]. - The company is focusing on optimizing its energy and power business, actively entering the new energy market, including pumped storage, solar, and wind power. As of the end of 2023, the company had a total installed capacity of 27.1885 million kilowatts, with significant growth in solar and independent storage installations [5]. Summary by Sections Financial Performance - In Q1 2024, the company achieved an operating income of 140.15 billion yuan, a 5.15% increase year-on-year. The net profit attributable to shareholders was 3.045 billion yuan, up 0.79% year-on-year, and the net profit after deducting non-recurring items was 3.021 billion yuan, reflecting a 1.32% increase year-on-year [4][5]. - The comprehensive gross margin for Q1 2024 was 11.79%, down 0.41 percentage points year-on-year. The expense ratio for 2023 was 7.06%, a decrease of 0.97 percentage points year-on-year [4][5]. Market Opportunities - The dual carbon policy continues to drive growth in the new energy sector, with significant potential in wind and solar power. The company is well-positioned to capitalize on these opportunities, with a focus on clean and low-carbon energy transition [5]. - The company has a total installed capacity of 27.1885 million kilowatts, with notable increases in solar (up 189.66% year-on-year) and independent storage (up 1006.00% year-on-year) [5].