SUMEC(SH:600710) Tai Ping Yang·2024-06-18 10:00Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for its development, particularly with a net profit compound annual growth rate of 23.5% over three years [9]. Core Insights - The company achieved total operating revenue of 122.98 billion, a decrease of 12.87% year-on-year, while the net profit attributable to shareholders was 1.03 billion, an increase of 12.4% year-on-year [9]. - The earnings per share for 2023 was 0.79 yuan, with a return on equity of 15.75%, and a cash dividend of 0.33 yuan per share, resulting in a dividend yield of 3.75% [9]. - The company reported a total operating revenue of 23.745 billion for Q1 2024, a decrease of 23.4% year-on-year, while the net profit attributable to shareholders was 266 million, an increase of 5.2% year-on-year [9]. Financial Performance Summary - For 2023, the company reported total revenue of 1229.81 billion, with a year-on-year decrease of 12.9%, and a net profit of 10.30 billion, with a year-on-year increase of 12.4% [10]. - The diluted earnings per share for 2023 was 0.79 yuan, with a projected increase to 0.85 yuan in 2024 and 0.93 yuan in 2025 [10]. - The price-to-earnings ratio is expected to decrease from 10.58 in 2023 to 9.80 in 2024, indicating a potentially more attractive valuation [10].