业绩增长符合预期，盈利能力及现金流大幅改善

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's performance in 2023 met expectations, with significant improvements in profitability and cash flow. The total revenue reached 45.8 billion yuan, a year-on-year increase of 6.9%, while the net profit attributable to shareholders was 2.92 billion yuan, up 14.7% year-on-year [1][2]. - The company experienced a notable acceleration in revenue growth in Q4, with a quarterly revenue of 14.3 billion yuan, reflecting an 11% year-on-year increase. The gross profit margin for the quarter improved significantly by 2.2 percentage points [1]. - The company’s operating cash flow showed a remarkable improvement, with a net cash inflow of 3.54 billion yuan, an increase of 2.4 billion yuan compared to the previous year, attributed to enhanced contract settlements and proactive project payment collections [1]. Financial Performance Summary - Revenue: 2023 revenue was 45.8 billion yuan, with a growth rate of 6.9%. Projections for 2024-2026 are 51.4 billion, 57.8 billion, and 64.1 billion yuan, respectively, with growth rates of 12.3%, 12.4%, and 10.9% [2][6]. - Net Profit: The net profit for 2023 was 2.92 billion yuan, with expected growth rates of 15.5%, 15.1%, and 12.4% for the following three years [2][6]. - Earnings Per Share (EPS): EPS for 2023 was 1.10 yuan, projected to rise to 1.27, 1.47, and 1.65 yuan in the next three years [2][6]. - Profitability Ratios: The net profit margin for 2023 was 6.37%, an increase of 0.43 percentage points year-on-year. The return on equity (ROE) was 15.5% [2][6]. Business Segment Insights - The company’s equipment business matrix has been enhanced, with a significant increase in international and non-cement industry expansion. The overseas revenue contribution from the equipment segment has risen to 25% [1]. - The maintenance business continues to grow rapidly, with new contracts signed amounting to 13.6 billion yuan, a 14% increase year-on-year. The market share in limestone mining and cement maintenance is estimated at 18% and 21%, respectively, indicating substantial room for growth [1].