利润率持续提升，现金流大幅改善

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.72 CNY, based on a 15 times PE for 2024 [5][9]. Core Views - The company reported a revenue of 45.8 billion CNY for FY23, a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 2.92 billion CNY, up 14.7% year-on-year [1]. - The company is experiencing a significant improvement in profitability, with a gross margin of 19.4% for FY23, an increase of 2.1 percentage points year-on-year [3]. - The operational cash flow has improved significantly, with a net inflow of 3.54 billion CNY for FY23, an increase of 2.4 billion CNY year-on-year [4]. Financial Performance Summary - For FY23, the company achieved revenues of 45.8 billion CNY, with a growth rate of 6.9% compared to the previous year [1]. - The gross margin for FY23 was reported at 19.4%, reflecting a year-on-year increase of 2.1 percentage points [3]. - The net profit attributable to shareholders for FY23 was 2.92 billion CNY, representing a 14.7% increase year-on-year [1]. - The company’s operating cash flow for FY23 was 3.54 billion CNY, showing a significant improvement from the previous year [4]. Business Segment Performance - The company’s revenue from operational services grew rapidly, with maintenance revenue increasing by 13.8% year-on-year, contributing to 23% of total revenue [2]. - The engineering services segment reported a revenue of 26.7 billion CNY, up 7.6% year-on-year, while high-end equipment revenue was 7.2 billion CNY, a 2.0% increase [2]. - The company executed 281 mining maintenance service projects, achieving a supply of 650 million tons, which is a 25% increase year-on-year [2]. Balance Sheet and Cash Flow - The company’s asset-liability ratio at the end of FY23 was 62.1%, a decrease of 0.2 percentage points year-on-year [4]. - The company reported a significant improvement in cash flow, with operating cash flow increasing by 2.4 billion CNY year-on-year to a net inflow of 3.54 billion CNY [4]. - The company’s total liabilities at the end of FY23 were 28.31 billion CNY, reflecting a solid balance sheet [11].