打造城乡投资建设服务商，服务新质生产力

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 5.62 CNY per share, based on a reasonable valuation of 5.5 times PE for 2024 [24][63]. Core Insights - The company is a leading construction enterprise in Anhui Province, with a strong growth trajectory in revenue and net profit. From 2017 to 2022, revenue increased from 35.4 billion CNY to 80.1 billion CNY, with a CAGR of 17.7%, while net profit rose from 780 million CNY to 1.38 billion CNY, with a CAGR of 12.1% [59][141]. - The company is well-positioned to benefit from the rapid development of infrastructure and housing in the Yangtze River Delta region, supported by government policies and increasing urbanization [60][125]. - The company has diversified its business into areas such as engineering testing, power construction, and prefabricated buildings, which are expected to contribute to long-term growth [67][210]. Summary by Sections Company Overview - The company, established in 1998 and listed in 2003, has a comprehensive business model covering design consulting, construction, testing, and maintenance across the construction industry [87][111]. - It has a strong presence in Anhui Province, with approximately 80% of its revenue generated from the region [111][141]. Infrastructure and Construction - The company has a robust order book, with new contracts signed in 2023 reaching 151.1 billion CNY, a year-on-year increase of 13.8% [42][268]. - The infrastructure segment is expected to see continued growth, with projected revenues of 406 billion CNY, 494 billion CNY, and 592 billion CNY from 2023 to 2025, respectively [44][46]. Real Estate Development - The real estate segment is focusing on core areas and essential housing needs, with expected revenues of 87 billion CNY, 92 billion CNY, and 96 billion CNY from 2023 to 2025 [269][208]. - The company has a strong pipeline of urban renewal and affordable housing projects, which are expected to drive growth [190][208]. Engineering Testing and New Ventures - The engineering testing segment is expanding, with the establishment of a dedicated testing group and integration of multiple subsidiaries, positioning the company as a leader in the province [210][212]. - The company is also venturing into clean energy projects, including solar power, which are expected to enhance its growth prospects [216][218]. Financial Projections - The company is projected to achieve revenues of 894 billion CNY, 1,001 billion CNY, and 1,126 billion CNY from 2023 to 2025, with a stable gross margin around 11% [252][46]. - Net profit is expected to grow to 2.03 billion CNY by 2025, reflecting a solid growth trajectory [46][252].