业绩稳健增长，高分红彰显投资价值

Investment Rating - The report maintains a "Buy" rating for the company [1][4][10] Core Views - The company has demonstrated stable revenue growth, with a 9.16% year-on-year increase in operating income, reaching 29.928 billion yuan in 2023. Net profit attributable to shareholders increased by 20.81% to 2.358 billion yuan [1][2][6] - The company has shown significant improvement in cash flow, with net cash flow from operating activities rising by 23.67% to 5.770 billion yuan [1][6] - The total assets of the company grew by 22.53% to 53.232 billion yuan, while net assets attributable to shareholders increased by 12.61% to 22.941 billion yuan [1][6] - The company has a strong order book, with new contracts signed in 2023 amounting to 36.99 billion yuan, indicating future growth potential [1][7] - The dividend payout ratio has increased, with a cash dividend of 2.8 yuan per 10 shares, representing 49.14% of the net profit attributable to shareholders, marking the highest dividend ratio in history [1][8] Financial Forecasts - The company is expected to maintain its earnings forecasts for 2024-2026, with projected revenues of 33.413 billion yuan, 36.473 billion yuan, and 39.869 billion yuan respectively. Net profits are forecasted to be 2.631 billion yuan, 2.918 billion yuan, and 3.188 billion yuan for the same period [10][11] - Earnings per share are projected to increase from 0.64 yuan in 2024 to 0.77 yuan in 2026 [10][11] - The company’s financial metrics indicate a stable outlook, with a projected PE ratio decreasing from 10.7 in 2024 to 8.8 in 2026, and a projected dividend yield increasing from 4.7% in 2024 to 5.7% in 2026 [11]