EBSCN·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [2][4]. Core Views - The company achieved a turnaround in 2023, reporting a revenue of 114.8 billion yuan, a decrease of 2.4% year-on-year, and a net profit attributable to shareholders of 285 million yuan, marking a return to profitability [2]. - The energy equipment segment showed growth, benefiting from a significant recovery in coal-fired power generation, with revenue increasing by 4.55% to 58.6 billion yuan and a gross margin improvement of 1.61 percentage points to 19.66% [2]. - New orders in coal and nuclear power saw substantial growth, with total new orders reaching 137.2 billion yuan, up 3.0% year-on-year, and a backlog of orders at 265.8 billion yuan at the end of 2023 [2]. - The company is focusing on high-end equipment manufacturing and expanding its presence in the renewable energy sector, particularly in hydrogen and photovoltaic technologies [2]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 114.8 billion yuan, with a net profit of 285 million yuan, compared to a loss of 3.57 billion yuan in 2022 [3]. - The revenue growth rate for 2024 is projected at 2.49%, with net profit expected to reach 671 million yuan, reflecting a growth rate of 135.17% [3]. Order Book and Market Position - The company secured new orders worth 137.2 billion yuan in 2023, with coal and nuclear power orders increasing by 84.2% and 52.6%, respectively [2]. - The backlog of orders at the end of 2023 was 265.8 billion yuan, ensuring long-term growth prospects for the company [2]. Strategic Focus - The company is concentrating on high-end equipment manufacturing and expanding into renewable energy sectors, including hydrogen and photovoltaic technologies [2]. - The hydrogen energy segment is being developed with a focus on providing comprehensive solutions across the entire industry chain [2]. Valuation and Forecast - The report projects a net profit of 7 billion yuan for 2024, with a price-to-earnings ratio of 98 for A-shares and 32 for H-shares [2][3].