24Q1业绩符合预期，后续经营有望逐步好转

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's Q1 2024 performance met expectations, with revenue of 1.286 billion yuan, a year-on-year decrease of 1.08%, and a net profit attributable to shareholders of 6 million yuan, down 94.92% year-on-year, aligning with market forecasts [1] - The company is expected to gradually improve its operations, focusing on resource allocation to achieve stable growth and capitalize on the digital transformation opportunities in the construction industry [1][2] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 6.994 billion yuan, 7.760 billion yuan in 2025, and 8.780 billion yuan in 2026, with corresponding net profits of 566 million yuan, 862 million yuan, and 1.095 billion yuan [2][3] - The company's management expenses increased by 47.62% to 420 million yuan in Q1 2024, primarily due to organizational optimization and increased severance payments, which are expected to have a diminishing impact on profits moving forward [1] - The company reported a net cash flow from operating activities of -750 million yuan, an increase of 18.86% compared to the same period last year, indicating a relatively stable business performance despite a weak downstream environment [1] Strategic Focus - The company aims to restore reasonable and stable growth in 2024 by optimizing resource allocation, focusing on core products, key regions, and important clients, while strictly controlling costs [1] - The digital transformation of the construction industry is viewed as a significant opportunity, with the company positioned to leverage its strengths in product, strategy, and execution [1]