GUOTAI HAITONG SECURITIES·2026-03-08 08:38Investment Rating - The report maintains a "Buy" rating for China Energy Engineering Corporation (601868) with a target price of 3.86 RMB, corresponding to a PE ratio of 17.5 times for 2026 [8][3]. Core Insights - The company is actively participating in the "East Data West Computing" initiative, leveraging its strengths in "data-energy integration" and "computing-electricity synergy" to drive the low-carbon transformation of the energy sector [4][2]. - The company has received approval from the China Securities Regulatory Commission for a private placement to raise up to 9 billion RMB, which is expected to enhance its capital structure and support its strategic initiatives [3][2]. - The company is focusing on strategic emerging industries, including new energy, hydrogen energy, and various energy storage technologies, with significant growth in installed capacity and project development [5][23]. Financial Summary - The total revenue for 2023 is projected at 406.03 billion RMB, with a growth rate of 10.8%. Revenue is expected to reach 471.17 billion RMB in 2025, growing at 7.9% [6][15]. - Net profit attributable to shareholders is forecasted to be 7.99 billion RMB in 2023, increasing to 8.71 billion RMB by 2025, reflecting a growth rate of 3.7% [6][15]. - Earnings per share (EPS) are projected to be 0.21 RMB in 2025, with a growth of 6.0% expected by 2027 [3][21]. Business Segmentation - The revenue breakdown shows that engineering construction contributes the highest at 51.5%, followed by investment operations at 22.7%, industrial manufacturing at 10.0%, and surveying and consulting at 13.9% [21][18]. - The company has a stable order structure, with new contracts in engineering construction expected to reach 13,464.8 billion RMB in 2025, reflecting a 5.6% increase [22][24]. - The company is expanding its presence in the renewable energy sector, with new energy and integrated smart energy orders projected to reach 5,925.8 billion RMB in 2025, growing by 6.7% [23][24].