公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 其他专业工程 ＃investSuggestion＃ ＃ ＃d 中yCo 国mp 中any＃冶 （ 601618 ） investSug 增持 ( 维ges持tion ）Ch 60 订161 单8 产＃ti 压tle＃ 稳健 增长，地 力 影 响 Q4 收入利润 ange＃ ＃ createTime1＃ 2024年 03月 29日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ sum 事ma 件ry＃ ⚫ ： 中国中冶发布2023年年报：公司2023年实现营业收入6338.70亿元， 司 市场数据日期 2024-03-29 同比增长6.95%；实现归母净利润86.70亿元，同比减少15.63%；实现扣非 点 收盘价（元） 3.36 后归母净利润75.54亿元，同比减少21.9%。公司公告每10股派发红利0.72 评 总股本（百万股） 20723.62 元，合计分红14.9亿元，分红率17.2%，较上年度提高0.47个百分点，对应 报 流通股本（百万股） 20723.62 3月28日收盘价股息率2.1%。 净资产（百万元） 1 ...

Investment Rating - The report maintains an "Accumulate" rating for China Energy Engineering Corporation (601868) [3][4][14] Core Views - China Energy Engineering Corporation reported a revenue of 406.032 billion yuan for 2023, representing a year-on-year growth of 10.82%. The net profit attributable to shareholders was 7.986 billion yuan, up 2.07% year-on-year, while the net profit after deducting non-recurring items increased by 25.19% to 7.163 billion yuan [4][5][14] - The company achieved a total new contract value of 1.283731 trillion yuan in 2023, marking a 22.37% increase year-on-year, driven by strong growth in the domestic and international renewable energy sectors [6][14] Financial Performance Summary - **Revenue and Profit**: In 2023, the company achieved a total revenue of 4060.32 billion yuan, with a breakdown of quarterly revenues as follows: Q1: 885.16 billion yuan, Q2: 1036.04 billion yuan, Q3: 931.93 billion yuan, Q4: 1207.19 billion yuan [4][8] - **Profit Margins**: The comprehensive gross margin for 2023 was 12.64%, an increase of 0.22 percentage points year-on-year, while the net profit margin was 2.77%, a slight decrease of 0.07 percentage points [9][10] - **Cash Flow**: The operating cash flow per share for 2023 was 0.23 yuan, an increase of 0.04 yuan year-on-year, indicating improved cash flow management [13] Business Segment Performance - **Revenue by Segment**: Revenue from various business segments in 2023 included: Surveying and Design: 19.187 billion yuan (+9.86%), Engineering Construction: 343.464 billion yuan (+13.71%), Industrial Manufacturing: 33.732 billion yuan (+22.61%), Investment Operations: 29.432 billion yuan (-12.39%), and Other Businesses: 9.616 billion yuan (+16.56%) [4][8] - **New Energy Focus**: The engineering construction segment, particularly in renewable and integrated smart energy, saw a revenue increase of 39.36% to 1157.09 billion yuan, highlighting its role as a key growth driver [4][8] Future Outlook - **Earnings Forecast**: The report projects net profits for 2024, 2025, and 2026 to be 8.824 billion yuan, 9.634 billion yuan, and 10.410 billion yuan respectively, with corresponding price-to-earnings ratios of 10.0, 9.2, and 8.5 [14][15] - **Strategic Initiatives**: The company is focusing on integrating investment, construction, and operation in the renewable energy sector, with significant projects in storage and hydrogen energy expected to enhance profitability in the long term [14]

Investment Rating - The report maintains a "Buy" rating for the company [3][13] Core Views - The company achieved a revenue of 1,137.993 billion yuan in 2023, representing a year-on-year growth of 3.80%. The net profit attributable to shareholders was 26.097 billion yuan, a decrease of 2.19% year-on-year [4][6] - The company announced a cash dividend policy for 2023, distributing 3.50 yuan per 10 shares, totaling 4.753 billion yuan, with a dividend payout ratio of 20.18%, an increase of 4.27 percentage points from the previous year [4][6] - The company has a solid order backlog of 5 trillion yuan, providing strong support for future revenue growth [7][8] Financial Performance Summary - **Revenue**: 2023 revenue was 1,137.993 billion yuan, with a projected increase to 1,206.496 billion yuan in 2024, reflecting a growth rate of 6.0% [2][4] - **Net Profit**: The net profit for 2023 was 26.097 billion yuan, expected to rise to 28.583 billion yuan in 2024, indicating a growth of 9.5% [2][4] - **Gross Margin**: The overall gross margin for 2023 was 10.4%, up 0.31 percentage points from the previous year [8][10] - **Earnings Per Share (EPS)**: The EPS for 2023 was 1.92 yuan, projected to increase to 2.10 yuan in 2024 [2][4] Business Segment Analysis - **Engineering Contracting**: Revenue from engineering contracting increased by 2.34% year-on-year, contributing significantly to overall revenue [7][8] - **Real Estate Development**: Revenue from real estate development surged by 33.76% year-on-year, driven by accelerated project deliveries in the second half of the year [7][8] - **International Orders**: New contracts signed internationally totaled 252.8 billion yuan, a decrease of 17.4% year-on-year, attributed to a high base in the previous year and stricter project quality controls [6][7] Future Outlook - The company expects to maintain a cash dividend ratio of no less than 15% from 2024 to 2026, indicating a commitment to returning value to shareholders [4][6] - The anticipated earnings per share for 2024-2026 are projected to be 2.10 yuan, 2.28 yuan, and 2.51 yuan respectively, with corresponding price-to-earnings ratios of 4.0, 3.7, and 3.4 [2][13]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 基建市政工程 ＃investSuggestion＃ ＃ ＃d 中yCo 国mp 中any＃铁 （ 601390 ） investSug 增持 ( 维ges持tion ）Ch 60 Q13 490 转＃ 加titl 速e＃ 新 签 订单及结 ，现 金流保持良好 ange＃ ＃ createTime1＃ 2024年 03月 29日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ sum 事ma 件ry＃ ⚫ ： 中国中铁发布 2023 年年报：公司 2023 年实现营业收入 12634.75 亿 司 市场数据日期 2024-03-29 元，同比增长9.5%；实现归母净利润334.83亿元，同比增长7.07%；实现扣 点 收盘价（元） 7.01 非后归母净利润308.72亿元，同比增长9.30%。公司公告2023年每10股派 评 总股本（百万股） 24750.63 发红利2.10元，合计派发现金红利51.98亿元，分红率15.52%，对应3月28 报 流通股本（百万股） 24626.84 日收盘价股息率 3.1%。公司同日公告《2 ...

请务必阅读正文之后的信息披露和重要声明 zhulixian@xyzq.com.cn ＃研a究ss助Au理th：or＃ 展望：在手订单充足静待电站落地，储能业务稳步推进。截至 2023 年底， 公司在建、待建及拟签订合同的自持电站规模约 163MW，在手已核准规模 977.90MW，储备较为充足，机组于今年有望加速落地。同时，公司前期实 施的工商业储能示范项目已陆续产生收入，后续随着峰谷电价差拉大、电池 价格进一步回落将加快工商业储能迈向商业化。据公司统计，其拥有的超千 家工商业用户以高耗能企业为主，年总用电量近 100 亿度，用电需求以及资 源空间为后续工商业储能、充电桩、户储产品等多元化业务提供广阔应用空 间。 | --- | --- | --- | --- | --- | |-----------------------------------------|-------|-------|-------|-------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 686 | 784 | 9 ...

公 司 研 究 公 司 点 评 报 告 S0190523040003 投资要点 ＃sum设ma计ry＃总院发布 2023 年年报：公司 2023 年实现营业收入 33.88 亿元，同比 增长 21.08%；实现归母净利润 4.88 亿元，同比增长 10.26%；实现扣非 后归母净利润 5.26 亿元，同比增长 22.04%。其中，Q4 实现营业收入 13.52 亿元，同比增长 24.99%；实现归母净利润 1.14 亿元，同比增长 5.05%。 公司 2023 年分红计划：公司公告每 10 股派发红利 3.50 元，合计分红 1.96 亿元，分红率 40.21%，对应 3 月 28 日收盘价股息率 3.5%。 2023 年新签订单增长 13.80%，在手订单/营业收入为 2.53 倍，后续业绩 具备保障。其中工程总承包新签同比增长 34.21%，给予订单增速支撑。 工程承包业务加速布局叠加区域基建需求旺盛，公司营收实现较快增长。 公司 2023 年实现主营业务收入 33.76 亿元，同比增长 20.85%。分业务来 看，勘察设计、工程管理、工程总承包分别实现营业收入 20.81 亿元、1.47 亿元、11.4 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a dynamic PE of 11.7x for 2024 [2][3]. Core Views - The company reported a revenue of 372.04 billion yuan for 2023, representing a year-on-year increase of 8.2%. The net profit attributable to shareholders was 33.72 billion yuan, up 14.1% year-on-year [1][2]. - The company has a robust dividend policy, proposing a cash dividend of 30 yuan per 10 shares, resulting in a cash dividend rate of 61.57% [1]. - The company’s gross margin improved to 26.5% in 2023, an increase of 2.25 percentage points year-on-year, while the net profit margin reached 9.1%, up 0.5 percentage points [1][2]. Financial Summary - For 2023, the company achieved a revenue of 372.04 billion yuan and a net profit of 33.72 billion yuan, with a gross margin of 26.5% and a net profit margin of 9.1% [1][4]. - The forecast for 2024-2026 shows steady growth, with expected revenues of 405.10 billion yuan in 2024, 438.04 billion yuan in 2025, and 470.45 billion yuan in 2026, reflecting year-on-year growth rates of 8.4%, 8.1%, and 7.4% respectively [4][5]. - The earnings per share (EPS) are projected to be 5.43 yuan in 2024, 6.08 yuan in 2025, and 6.75 yuan in 2026, with corresponding PE ratios of 11.7x, 10.5x, and 9.4x [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, with an adjustment to profit forecasts for 2024-2026 [4][7]. Core Insights - The company achieved a revenue of 45.56 billion yuan in 2023, representing a year-on-year growth of 17.27%. The net profit attributable to shareholders was 13.18 billion yuan, up 17.92% year-on-year. The net profit excluding non-recurring items was 12.62 billion yuan, showing a significant increase of 34.45% [3][4]. - Subscription business revenue is accelerating, with Q4 2023 revenue reaching 12.86 billion yuan, a year-on-year increase of 17.99%. The net profit attributable to shareholders for Q4 was 4.24 billion yuan, up 39.44% year-on-year [3][4]. - The subscription business now accounts for 79.24% of total revenue, with individual subscription revenue growing by 29.42% and institutional subscription revenue increasing by 38.36% [3][4]. Financial Summary - The company reported a gross margin of 85.30% in 2023, a slight increase of 0.3 percentage points year-on-year. The net profit margin excluding non-recurring items improved to 27.70%, up 3.53 percentage points year-on-year [2][3]. - The total number of employees reached 4,558, reflecting a year-on-year growth of 6.55% [2][3]. - Key financial metrics for 2024-2026 include projected revenues of 56.03 billion yuan, 69.50 billion yuan, and 84.82 billion yuan, with corresponding net profits of 16.67 billion yuan, 20.85 billion yuan, and 26.06 billion yuan [2][4].

公 司 研 证券研究报告 究 ＃industryId＃ 煤化工 ＃investSuggestion＃ ＃ ＃d 宝yCo 丰mp 能any＃源 （ 600989 ） investSug 买入 ( 维ges持tion ）Ch 600989 ＃title＃ 新产能投放助力业绩环比提升，产能持续扩张未来可期 ange＃ ＃ createTime1＃ 2024年 03月 25 日 公 ＃市场ma数rk据et Data＃ 投资要点 司 ＃ ⚫s um 事ma 件ry＃ 市场数据日期 2024-03-22 ： 宝丰能源发布2023年年报，报告期内公司实现营业收入291.36亿 点 收盘价（元） 15.72 元，同比增长2.48%；实现归母净利润56.51亿元，同比下滑10.34%，实 评 总股本（百万股） 7333.36 现扣非归母净利润59.49亿元，同比下滑11.46%。 报 流通股本（百万股） 7333.36 其中2023Q4单季度实现营业收入87.35亿元，同比增长25.77%，环比增 净资产（百万元） 38536.7 告 总资产（百万元） 71630.3 长19.48%；实现归母净利润17.6亿元，同比增长89 ...

证券研究报告 ＃industryId＃ 公用事业 ＃title＃ 2024 年前 2 月全社会用电量同比+11%，全年风光发电量 (维＃ 占比预计达 17%以上 ＃inve推stSu荐ggestion＃ 持） investS uggesti ＃createTime1＃ 2024年3月24日 onChan ge＃ ＃ 相关rel报ate告dReport＃ 投资要点 ＃sum2m0a2r4y0＃318-20240322，A股电力指数-0.43%，截至3月22日PE（TTM）估值16.3x；A股燃气 板块指数+0.03%，截至3月22日PE（TTM）估值12.0x。A股电力指数-0.43%，其细分子板块 《【兴证公用】公用周报：深圳 火电、水电、新能源发电变化幅度分别为-1.50%、+0.41%、-0.61%。A股燃气板块指数+0.03%。 管道天然气价格上调，坑口煤价  本周火电组合：建投能源+皖能电力+华电国际+浙能电力+天富能源+华能国际+申能股份+国电电 持续调整》2024-3-17 力+内蒙华电  本周清洁电力组合：中国广核+中国核电+国投电力+川投能源+长江电力 《【兴证公用】公用周报：2024 ...