COOEC(600583) 天风证券·2024-03-19 16:00Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][14]. Core Insights - The company reported a revenue of 30.75 billion yuan in 2023, representing a year-on-year growth of 4.75%. The net profit for the same period was 1.62 billion yuan, reflecting an increase of 11.08% compared to the previous year [2][4]. - The company has seen a significant increase in overseas high-margin orders, with new contracts signed amounting to approximately 34 billion yuan, a year-on-year increase of 33%. Notably, overseas orders surged by 233%, now accounting for 42% of total new contracts [3][4]. - The dividend payout ratio has been increased to 40.11% of the net profit, up from 30.34% in 2022, indicating a commitment to returning value to shareholders [4]. Financial Data and Valuation - Revenue projections for the upcoming years are as follows: 32.92 billion yuan in 2024E, 35.60 billion yuan in 2025E, and 35.70 billion yuan in 2026E, with growth rates expected to stabilize [1][8]. - The company's EBITDA for 2023 is projected at 4.52 billion yuan, with a slight decline expected in 2024 to 3.82 billion yuan, before recovering in subsequent years [1][8]. - The net profit is forecasted to reach 1.97 billion yuan in 2024E, 2.45 billion yuan in 2025E, and 2.85 billion yuan in 2026E, with corresponding growth rates of 21.74%, 24.29%, and 16.19% respectively [1][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 17.11 in 2023 to 9.73 by 2026, indicating an attractive valuation over time [1][10]. Order and Margin Performance - The gross margin for domestic projects slightly decreased to 9.44% in 2023, while the gross margin for overseas projects improved significantly to 16.15%, an increase of 10.57 percentage points from the previous year [3][4]. - The company’s net profit margin improved to 5.3% in 2023, up from 4.94% in 2022, reflecting effective cost control and operational efficiency [3][4].