业绩稳健订单充足，盈利能力显著提升

Investment Rating - The investment rating for the company is "Buy" [1][5][14] Core Views - The company has demonstrated stable growth with sufficient contracts on hand and a significant improvement in profitability. In 2023, the company achieved operating revenue of 45.799 billion yuan (+6.94%) and a net profit attributable to shareholders of 2.916 billion yuan (+14.74%). The total new contracts signed amounted to 61.644 billion yuan (+17.82%) [1][6][12] - The company is focusing on the synergistic development of its three main businesses: engineering services, high-end equipment manufacturing, and operational services. The engineering services segment generated revenue of 26.665 billion yuan (+7.55%), while the operational services segment saw revenue of 10.600 billion yuan (+13.83%) [1][12][13] - The company plans to increase its dividend payout ratio to no less than 40% over the next three years (2024-2026), which is higher than the levels in recent years [2][13] Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 45.799 billion yuan, a year-on-year increase of 6.94%, and a net profit of 2.916 billion yuan, up 14.74%. The gross margin was 19.43%, an increase of 2.09 percentage points, and the net margin was 6.96%, up 0.95 percentage points [1][6][12] - The company has a backlog of contracts worth 59.325 billion yuan (+12.46%) as of the end of 2023, ensuring sustainable growth [1][6] Business Segments - Engineering services generated revenue of 26.665 billion yuan (+7.55%) with new contracts of 39.067 billion yuan (+20.75%). The high-end equipment manufacturing segment achieved revenue of 7.176 billion yuan (+1.98%) and new contracts of 7.412 billion yuan (+13.86%). The operational services segment reported revenue of 10.600 billion yuan (+13.83%) [1][12][13] - The company has seen significant growth in overseas markets, with new contracts increasing by 55% in 2023 [1][12][13] Future Outlook - The company has raised its profit forecast and maintains a "Buy" rating, expecting net profits of 3.333 billion yuan, 3.935 billion yuan, and 4.245 billion yuan for 2024, 2025, and 2026, respectively. The estimated earnings per share for the same years are 1.26 yuan, 1.49 yuan, and 1.61 yuan [2][14][18] - The reasonable valuation range for the company is set at 13.40 to 14.30 yuan, indicating a potential upside of 22.7% to 31.3% from the current stock price [2][14]