收入&订单高增长，海外景气度支撑业绩释放

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Insights - The company achieved a revenue of 1.28 billion, representing a year-on-year growth of 44.3%, with a net profit attributable to the parent company of 170 million, up 11.04% year-on-year [1]. - In Q4 2023, the company recorded a revenue of 380 million, a year-on-year increase of 28.8%, and a net profit of 30 million, which is a significant increase of 59.3% year-on-year, primarily due to improved gross margins [1]. - The company plans to distribute a cash dividend of 52 million (before tax), with a payout ratio of 30%, resulting in a current dividend yield of 1.2% [1]. - The company slightly adjusted its profit forecast for 2024-2026, expecting net profits of 210 million, 270 million, and 340 million respectively, with corresponding P/E ratios of 20.1, 16.0, and 12.5 [1]. Revenue and Orders - In Q1 2024, the company achieved a revenue of 288 million, a year-on-year increase of 42.4%, with net profits of 30 million and 29 million for attributable and non-attributable profits, respectively, showing increases of 5.52% and 12.94% year-on-year [2]. - The company signed new orders worth 580 million in Q1 2024, marking a historical high, primarily distributed in Southeast Asia and Saudi Arabia [2]. Business Segments - In 2023, the company generated revenue of 990 million from foundation treatment and 280 million from pile foundation engineering, with year-on-year growth rates of 30.93% and 149.33% respectively [3]. - The gross margin for foundation treatment was 38.28%, while for pile foundation engineering it was 19.48%, with an overall gross margin of 34.3% [3]. - The company’s overseas revenue grew by 81.1% year-on-year, with overseas new contracts accounting for 80.22% of total new contracts signed [3]. Financial Metrics - The company’s total revenue for 2023 was 1.28 billion, with a net profit of 174.1 million, reflecting a growth rate of 11.04% [7]. - The company’s EBITDA for 2023 was 313.86 million, with a projected EBITDA growth rate of 30.21% for 2024 [7]. - The company’s net profit margin for 2023 was 13.60%, down 4.11 percentage points year-on-year [4]. Cash Flow and Financial Health - The company reported a cash flow from operations of 134.1 million in 2023, with a stable project repayment situation [4][11]. - The company’s total assets increased to 2.17 billion in 2023, with a debt ratio of 17.42% [9].