中材国际：Q1收入业绩稳健增长，盈利能力有所提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a steady revenue growth in Q1 2024, achieving an operating income of 10.288 billion yuan, a year-on-year increase of 2.74%. The net profit attributable to shareholders was 636 million yuan, up 3.08%, while the net profit after deducting non-recurring gains and losses was 654 million yuan, reflecting a growth of 12.35% [5][6]. - The gross profit margin improved to 19.48%, an increase of 2.55 percentage points year-on-year, despite a slight rise in expense ratios. The net profit margin also saw a minor increase, reaching 6.19% [5][6]. - The company is actively transforming into equipment manufacturing and operational services, with significant growth in overseas orders. The stock incentive plan is expected to support future performance growth [6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved an operating income of 10.288 billion yuan, a 2.74% increase year-on-year. The net profit attributable to shareholders was 636 million yuan, up 3.08%, and the net profit after deducting non-recurring items was 654 million yuan, reflecting a 12.35% increase [5]. - The comprehensive gross margin for Q1 2024 was 19.48%, up 2.55 percentage points year-on-year. The expense ratio increased slightly to 11.23%, primarily due to higher management and financial expense ratios [5][6]. - The net cash outflow from operating activities decreased to 1.188 billion yuan, a reduction of 803 million yuan year-on-year, with a cash collection ratio of 71.87%, up 5.50 percentage points [5]. Business Development - The company signed new contracts worth 17 billion yuan in engineering technology services, 45 billion yuan in high-end equipment manufacturing, and 146 billion yuan in production operation services in Q1 2024, with notable growth in overseas orders [6]. - The company is focusing on enhancing its competitive strength in equipment and operational services through mergers and acquisitions, aiming for balanced growth across its business segments [6]. Future Outlook - The company is projected to achieve net profits of 3.355 billion yuan and 3.901 billion yuan in 2024 and 2025, respectively, corresponding to a price-to-earnings ratio of 10.12 and 8.70 times based on the current closing price [6].