BAOSHENG SCI(SH:600973) EBSCN·2024-03-21 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 4.19 yuan [21]. Core Views - The company reported a revenue of 43.798 billion yuan in 2023, a year-on-year increase of 5.59%, but the net profit attributable to shareholders decreased by 52.09% to 31 million yuan due to investment losses and credit impairment provisions [1]. - The company has made significant improvements in its organizational structure and cost control, which are expected to enhance profitability in the future [2]. - The company has secured multiple offshore cable projects, indicating strong competitive positioning and potential for revenue growth [3]. - The company is expanding into diversified markets, enhancing its brand influence and establishing partnerships in various sectors, including renewable energy and military applications [4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 43.798 billion yuan, with a growth rate of 5.59%. However, net profit fell to 31 million yuan, a decrease of 52.09% [1][20]. - The company’s gross margin improved by 0.18 percentage points to 5.30% in 2023, reflecting better cost management [2]. Project Developments - The company has continued to win bids for offshore cable projects, including significant contracts worth 1.15 billion yuan, 1.91 billion yuan, and 1.43 billion yuan for various wind farm projects [3]. Market Expansion - The company has successfully entered new markets, including offshore photovoltaic cables and military applications, which are expected to contribute to future growth [4].