公司年报点评：盈利能力同比提升，有望受益海风景气回暖

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 46.51 CNY and a target price of 51.66 CNY [2]. Core Views - The company's profitability has improved year-on-year, benefiting from the recovery in the offshore wind sector. In 2023, the company achieved an operating income of 7.31 billion CNY, a year-on-year increase of 4.30%, and a net profit attributable to shareholders of 1 billion CNY, up 18.78% year-on-year [3][4]. - The revenue structure has been optimized, with the marine cable system and marine engineering revenue reaching 3.48 billion CNY, a year-on-year growth of 14.8%, accounting for 47.6% of the main business revenue, an increase of 4.36 percentage points year-on-year [4]. - The domestic offshore wind market is expected to improve, with several projects starting construction. The company is likely to be a core beneficiary of this industry recovery [5]. - The company has leading technology in the domestic market and is continuously expanding into overseas markets, with significant growth in export revenue [6]. Financial Performance and Forecast - The company forecasts revenues of 8.97 billion CNY, 11.71 billion CNY, and 13.83 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 22.7%, 30.6%, and 18.1% [7]. - The net profit attributable to shareholders is expected to be 1.32 billion CNY, 1.997 billion CNY, and 2.48 billion CNY for the same years, with growth rates of 31.6%, 51.7%, and 24.2% [7]. - The earnings per share (EPS) are projected to be 1.9 CNY, 2.9 CNY, and 3.6 CNY for 2024, 2025, and 2026, respectively [7].