2024-03-29 16:00Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company reported a revenue of 234.26 billion yuan in 2023, a year-on-year increase of 5.08%, and a net profit attributable to shareholders of 11.71 billion yuan, up 0.50% year-on-year [2]. - The recovery in railway passenger traffic exceeded expectations, with a total of 3.68 billion passengers sent by national railways in 2023, marking a 128.8% increase year-on-year and a 2.97% increase compared to 2019 [2]. - The company signed new orders worth 298.6 billion yuan in 2023, a year-on-year increase of 6.99%, with overseas orders reaching 58.4 billion yuan, up 14.73% [2]. - The gross profit margin for the company improved to 22.27%, with the railway equipment segment achieving a gross margin of 25.27% [2]. Financial Summary - Revenue projections for 2024-2026 are 266.80 billion yuan, 294.87 billion yuan, and 320.57 billion yuan, respectively, with growth rates of 13.89%, 10.52%, and 8.72% [7]. - The net profit attributable to shareholders is expected to reach 14.16 billion yuan in 2024, 16.69 billion yuan in 2025, and 19.69 billion yuan in 2026, with corresponding EPS of 0.49, 0.58, and 0.69 yuan [7]. - The company’s gross margin is projected to improve to 22.40% in 2024 and 23.09% in 2026 [8].