盈利能力稳步提升，新业务拓展持续发力

Investment Rating - The report maintains a "Buy" rating for the company [3][9][8] Core Insights - The company's profitability is steadily improving, with a focus on expanding new business areas such as digitalization and low-carbon environmental initiatives [1][7] - In 2023, the company achieved operating revenue of 5.353 billion yuan, a year-on-year decrease of 8.32%, while net profit attributable to shareholders was 697.84 million yuan, an increase of 2.08% year-on-year [1][4] - The company has a strong cash dividend policy, distributing 210 million yuan in dividends, with a payout ratio of 30.4% and a corresponding dividend yield of 3.9% as of March 27 [1] Financial Performance Summary - Traditional business segments such as surveying and design, planning research, comprehensive testing, and EPC management generated revenues of 3.17 billion, 480 million, 520 million, and 320 million yuan respectively, with year-on-year changes of -14.7%, +7.7%, +32.3%, and -4.7% [2] - Emerging businesses in digital intelligence and low-carbon environmental sectors reported revenues of 390 million and 420 million yuan, with year-on-year growth rates of +17.8% and -22.3% respectively [2] - The overall gross profit margin for 2023 was 39.0%, an increase of 2.1 percentage points year-on-year, indicating enhanced profitability [3][18] Future Projections - The company has adjusted its net profit forecasts for 2024 and 2025 to 750 million and 812.71 million yuan respectively, with expected growth rates of 8.0% and 7.8% [3][4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.10, 1.19, and 1.26 yuan respectively, reflecting a positive growth trajectory [4][18] Market Position - The company is positioned to leverage its first-mover advantage in the low-altitude economy sector, supported by its industry think tank and planning design capabilities [2][7] - The company’s cash flow remains robust, with a CFO net amount of 499.46 million yuan in 2023, indicating strong operational efficiency [3][4]