订单增长，业绩稳健股息率性价比高

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on expected performance relative to market indices [22][26]. Core Insights - The company reported a revenue of 91.244 billion yuan for 2023, reflecting a year-on-year growth of 13.88%, and a net profit attributable to shareholders of 1.553 billion yuan, up 12.57% year-on-year [7][8]. - The company plans to distribute a cash dividend of 446 million yuan, corresponding to a dividend payout ratio of 28.73%, which translates to a dividend yield of 5.3% based on the closing price on March 26 [8]. - The company is expected to benefit from the ongoing integration of the Yangtze River Delta region and accelerated water conservancy construction in Anhui, leveraging its extensive experience in the water conservancy sector [6][30]. Financial Performance Summary - For the fiscal year 2023, the company achieved a gross profit margin of 12.44%, which is a slight increase of 0.77 percentage points year-on-year [16]. - The company’s new orders totaled 151.1 billion yuan for the year, marking a year-on-year increase of 13.81%, with infrastructure orders growing by 18.3% [15][25]. - The operating cash flow improved significantly, with a net inflow of 3.671 billion yuan in 2023, compared to a net outflow of 780 million yuan in 2022 [17][27]. Earnings Forecast - The earnings per share (EPS) are projected to be 1.07 yuan for 2024, 1.26 yuan for 2025, and 1.43 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 4.6, 3.9, and 3.5 respectively based on the closing price on March 26 [26][31].