Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a total revenue of 1,260.87 billion yuan in 2023, representing a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 33.48 billion yuan, up 7.07% year-on-year [1][5]. - The company has a robust order backlog of 58,764.1 billion yuan, approximately 4.7 times its 2023 revenue, which is expected to support future revenue growth and performance release [1]. - The report highlights the company's ongoing diversification and transformation, particularly in the mineral resources sector, which is anticipated to create a second growth curve [1]. Business Segment Performance - In 2023, the infrastructure construction, design consulting, equipment manufacturing, and real estate development segments generated revenues of 1,088.76 billion, 18.3 billion, 27.4 billion, and 50.9 billion yuan, respectively, with year-on-year growth rates of 10.6%, -1.9%, +6.0%, and -4.8% [2]. - The railway business within the infrastructure sector saw significant growth, achieving revenue of 296.8 billion yuan, a year-on-year increase of 25% [2]. - The mineral resources segment maintained stable performance, with copper, cobalt, molybdenum, lead, and zinc production figures showing varied year-on-year changes [2]. Profitability and Financial Metrics - The company's gross margin for 2023 was 10.0%, an increase of 0.2 percentage points year-on-year, while the net profit margin was 3.0%, a decrease of 0.06 percentage points [3]. - The report indicates that the company experienced an increase in impairment losses totaling 8.17 billion yuan, which impacted overall profitability [3]. - Cash flow from operations (CFO) for 2023 was 38.36 billion yuan, reflecting a decrease of 5.19 billion yuan year-on-year, indicating room for improvement in cash flow management [3]. Financial Forecasts - The projected net profits for 2024, 2025, and 2026 are 35.45 billion, 37.41 billion, and 39.36 billion yuan, respectively, with year-on-year growth rates of 6%, 6%, and 5% [4][5]. - The report anticipates that the mineral resources segment will contribute significantly to the company's profitability, particularly with the recent rise in copper prices [2][4].
经营质量持续改善,看好矿产资源板块带来的预期差