业绩承压，签约中标项目回暖

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [27]. Core Insights - The company experienced a revenue of 3.83 billion yuan in 2023, a year-on-year increase of 6.64%, while the net profit attributable to shareholders was 115 million yuan, a decline of 45.80% [17]. - The first quarter of 2024 showed a revenue of 590 million yuan, down 4.52% year-on-year, with a net profit of 4 million yuan, down 79.22% [17]. - The company is focusing on enhancing R&D investments, with 310 million yuan planned for R&D from a recent fundraising of 700 million yuan [3]. - The gross margin for 2023 was 23.89%, a decrease of 2.99 percentage points, attributed to intensified industry competition and significant audit reductions in project settlements [7]. Financial Summary - Revenue projections for 2024-2026 are 4.236 billion yuan, 4.727 billion yuan, and 5.379 billion yuan respectively, with net profits of 192 million yuan, 231 million yuan, and 311 million yuan [8]. - The company’s EPS is expected to be 0.09, 0.11, and 0.15 for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 31X, 26X, and 19X [8]. - The return on equity (ROE) is projected to improve from 5.1% in 2024 to 7.4% in 2026 [2][8].