CNCEC(SH:601117) Huaan Securities·2024-06-21 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a record high in revenue for 2023, with total operating revenue of 179.196 billion yuan, a year-on-year increase of 13.10%, and a net profit attributable to shareholders of 5.426 billion yuan, up 0.20% year-on-year [2][9] - The company has seen a steady increase in new orders, with a total contract amount of 326.751 billion yuan for the year, reflecting a year-on-year growth of 10.05% [2][9] - The company is focusing on a "technology + industry" integrated development strategy, emphasizing innovation-driven growth and the development of high-performance fibers and biodegradable plastics [8][9] Summary by Sections Financial Performance - In 2023, the company reported total operating revenue of 179.196 billion yuan, with a year-on-year growth of 13.10% and a net profit of 5.426 billion yuan, reflecting a slight increase of 0.20% [2][9] - For Q4 2023, the company achieved operating revenue of 47.533 billion yuan, a year-on-year increase of 25.56%, and a net profit of 1.703 billion yuan, up 0.48% year-on-year [1][2] - In Q1 2024, the company reported operating revenue of 45.171 billion yuan, a year-on-year increase of 5.54% [1] Order Growth - The company signed new contracts totaling 167.443 billion yuan from January to May 2024, representing a year-on-year increase of 18.11% [1][3] - The total number of contracts signed in 2023 was 2,388, with a total contract amount of 326.751 billion yuan, marking a significant increase in order volume [3][7] Strategic Development - The company is committed to a "technology + industry" integrated development strategy, focusing on high-performance fibers, high-end nylon materials, and biodegradable plastics [8] - New projects such as the 600,000 tons/year epoxy propane project have successfully commenced operations, contributing to the company's production capacity [8] Profit Forecast - The company expects net profits of 5.823 billion yuan, 6.694 billion yuan, and 7.080 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.3%, 15.0%, and 5.8% [9][12]