2023年年报点评：业绩符合预期，需求起量在即

Investment Rating - The report maintains a "Buy" rating for the company, considering the expected recovery in industry demand, the scale and structure of the company's orders, and its leading profitability levels [3][4]. Core Insights - The company achieved a revenue of 7.31 billion yuan in 2023, representing a year-on-year growth of 4.3%. The net profit attributable to shareholders was 1 billion yuan, up 18.78% year-on-year. The adjusted net profit was 968 million yuan, reflecting a 15.5% increase [2]. - In Q4 2023, the company reported a revenue of 1.96 billion yuan, a significant year-on-year increase of 45.85% and a quarter-on-quarter increase of 18%. The net profit for the quarter was 178 million yuan, up 68.63% year-on-year [2]. - The company’s gross margin for 2023 was 25.21%, an increase of 2.83 percentage points year-on-year, while the net margin was 13.24%, up 1.28 percentage points year-on-year [2]. Revenue Breakdown - In 2023, the company’s revenue from submarine cables, land cables, and marine engineering was 2.766 billion yuan, 3.827 billion yuan, and 709 million yuan, respectively. This represents year-on-year growth of 23.47%, a decline of 3.77%, and a decline of 9.94% [2]. - The revenue contribution from submarine cables, land cables, and marine engineering for Q4 2023 was approximately 480 million yuan, 1.1 billion yuan, and 380 million yuan, respectively [2]. Orders and Inventory - As of March 15, 2024, the company had an order backlog of 7.86 billion yuan, with 3.16 billion yuan from submarine systems, 3.75 billion yuan from land systems, and 950 million yuan from marine engineering [2]. - The inventory as of December 31, 2023, was approximately 2.148 billion yuan, a year-on-year increase of 62.6%, primarily due to increased inventory of submarine systems and finished goods [2].