DEC(SH:600875) KAIYUAN SECURITIES·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report indicates that impairment impacts short-term performance, but the significant increase in new effective orders ensures future revenue growth [1] - The company achieved a revenue of 60.68 billion yuan in 2023, representing a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 3.55 billion yuan, up 24.2% year-on-year [4][5] - The company expects to deliver high-priced thermal power orders in 2024, which will support revenue and profitability [4] Financial Performance Summary - In Q4 2023, the company reported revenue of 15.91 billion yuan, a year-on-year increase of 7.4%, and a net profit of 640 million yuan, up 78.4% year-on-year [4] - The company’s gross margin and net margin were 17.1% and 3.9%, respectively, showing a decline compared to the previous quarter [4] - The company’s new orders reached 86.53 billion yuan in 2023, a year-on-year increase of 31.95%, with significant contributions from high-efficiency clean energy equipment and new energy equipment [4][5] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders is 4.26 billion yuan for 2024, 5.05 billion yuan for 2025, and 5.08 billion yuan for 2026, with corresponding EPS of 1.37, 1.62, and 1.63 yuan [4][5] - The report anticipates continued growth in revenue from coal power equipment and stable growth in nuclear power and gas turbine businesses [4] Order Growth and Business Segments - The company’s coal power equipment business generated revenue of 13.90 billion yuan in 2023, a year-on-year increase of 28.7%, while the wind power business saw a revenue decline of 11.1% [4] - The report highlights that the company is increasing its investment in wind farm resources and improving the proportion of offshore wind power, which is expected to enhance profitability [4]