海外订单大幅增长，业绩高增长+高分红

Investment Rating - The report maintains an "Accumulate" rating for the company [5][13]. Core Views - The company achieved a revenue of 45.799 billion yuan in 2023, representing a year-on-year growth of 6.94%. The net profit attributable to shareholders was 2.916 billion yuan, up 14.74% year-on-year [6][9]. - The company signed new contracts worth 61.644 billion yuan in 2023, an increase of 18% year-on-year, driven by the release of overseas backlog demand [7][12]. - The gross profit margin improved significantly to 19.43%, up 2.09 percentage points year-on-year, primarily due to the recovery of profitability in overseas engineering projects and an increase in the proportion of high-margin operation services [9][10]. - The company has a robust order backlog of 95.104 billion yuan, which is 2.08 times its 2023 revenue, indicating strong future revenue potential [7][12]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 45.799 billion yuan, with quarterly revenues of 10.014 billion, 10.536 billion, 10.960 billion, and 14.289 billion yuan, showing a quarterly growth trend [8][9]. - The net profit for Q4 was 914 million yuan, reflecting a 34.48% increase year-on-year [6][9]. - The company’s gross profit margin for 2023 was 19.43%, with a net profit margin of 6.96% [9][10]. Business Segments - The revenue breakdown for 2023 showed that engineering construction, equipment manufacturing, and operation services generated 26.665 billion, 7.176 billion, and 10.600 billion yuan, respectively [9]. - The company’s overseas revenue reached 20.089 billion yuan, growing 14.42% year-on-year, while domestic revenue was 25.493 billion yuan, up 1.99% [9][10]. Future Outlook - The company anticipates continued high demand for overseas cement construction and a potential recovery in domestic technical renovation investments, leading to stable order growth [12]. - The company is focusing on enhancing its operational service capabilities, particularly in overseas markets where demand for cement production line operation services is expected to grow significantly [12][13]. - The company has plans to maintain a dividend payout ratio of no less than 40% from 2024 to 2026, with a proposed cash dividend of 4.00 yuan per 10 shares [11][12].