2024-03-30 16:00Investment Rating - The investment rating for the company is "Recommended" (maintained) [2] Core Views - The company reported a steady growth in performance, with a revenue of 1.26 trillion yuan in 2023, representing a year-on-year increase of 9.45%. The net profit attributable to shareholders was 33.483 billion yuan, up 7.07% year-on-year [3] - The company achieved a total new contract amount of 3.1006 trillion yuan in 2023, a year-on-year growth of 2.2%. The construction business accounted for the largest share, with new contracts amounting to 2.25097 trillion yuan, an increase of 11.4% [3] - The company is focusing on emerging business areas, including artificial intelligence and new energy, with new contracts in these sectors reaching 382.67 billion yuan, a growth of 6% [3] - The gross profit margin slightly increased to 10.01%, while the net profit margin was 2.99%, a slight decrease from the previous year [3] - The company is a key player in the "Belt and Road" initiative, with overseas revenue of 62.256 billion yuan, up 6.54% year-on-year, and new overseas contracts amounting to 199.79 billion yuan, an increase of 8.7% [3] - The company expects revenue growth of 6.89%, 7.36%, and 7.83% for 2024, 2025, and 2026, respectively, with net profit growth of 10.20%, 11.43%, and 12.15% for the same years [3] Financial Summary - In 2023, the company achieved a revenue of 1.263475 trillion yuan and a net profit of 33.483 billion yuan [8] - The projected revenues for 2024, 2025, and 2026 are 1.350520 trillion yuan, 1.449910 trillion yuan, and 1.563499 trillion yuan, respectively [8] - The projected net profits for the same years are 36.899 billion yuan, 41.117 billion yuan, and 46.112 billion yuan [8] - The earnings per share (EPS) are expected to be 1.49 yuan, 1.66 yuan, and 1.86 yuan for 2024, 2025, and 2026, respectively [8]