2024-03-28 16:00Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported its 2023 annual results, with operating revenue of 1.14 trillion yuan, a year-on-year increase of 3.80%. The net profit attributable to shareholders was 26.097 billion yuan, a decrease of 2.19% year-on-year, while the net profit after deducting non-recurring gains and losses was 24.580 billion yuan, an increase of 1.88% year-on-year [2]. - The company's real estate development business achieved operating revenue of 83.272 billion yuan, a year-on-year increase of 33.76%, mainly due to an increase in project deliveries during the reporting period [2]. - The company signed new contracts totaling 3.29 trillion yuan in 2023, a year-on-year increase of 1.51%. The new engineering contracting contracts amounted to 2.03 trillion yuan, up 8.82% year-on-year, with significant growth in water conservancy, housing construction, and mining engineering [2]. - The company is expected to see revenue growth in the coming years, with projected revenues of 1.17 trillion yuan, 1.25 trillion yuan, and 1.34 trillion yuan for 2024-2026, representing year-on-year growth rates of 2.59%, 6.77%, and 7.38%, respectively [2]. Financial Summary - The company reported a net cash inflow from operating activities of 20.412 billion yuan in 2023, a decrease from 35.723 billion yuan in 2022, primarily due to increased cash payments for goods and services [2]. - The gross profit margin for 2023 was 10.40%, an increase of 0.31 percentage points from 2022, while the net profit margin was 2.84%, a slight decrease of 0.06 percentage points from the previous year [2]. - The company recorded credit impairment losses of 6.480 billion yuan in 2023, an increase of 1.592 billion yuan from 2022, and asset impairment losses of 3.461 billion yuan, an increase of 0.410 billion yuan from the previous year [2].