CAPOL(SZ:002949) Tianfeng Securities·2024-03-30 16:00Investment Rating - The report maintains a "Buy" rating for the company [8][15][16]. Core Views - The company achieved a gross margin of 32.2% in 2023, an increase of 3.0 percentage points year-on-year, with a net profit margin rising to 12.56%, up 4.65 percentage points year-on-year [1]. - The company’s revenue structure is continuously optimizing, leading to a steady improvement in profitability [7][14]. - The company is focusing on enhancing its long-term profitability, particularly through the integration of BIM digital transformation and AI in design [13][15]. Financial Performance Summary - In 2023, the company reported total revenue of 1.507 billion yuan, a decrease of 17.46% year-on-year, while the net profit attributable to the parent company was 161.33 million yuan, an increase of 43.82% year-on-year [13]. - The company’s operating cash flow for 2023 was 287.09 million yuan, reflecting a strong cash collection capability with a cash collection ratio of 107.16%, up 5.2 percentage points year-on-year [1][8]. - The company’s earnings per share (EPS) for 2023 was 0.82 yuan, with projected EPS of 0.99 yuan, 1.19 yuan, and 1.38 yuan for 2024, 2025, and 2026 respectively [9][27]. Business Segment Performance - In 2023, the company’s revenue from architectural design, cost consulting, engineering general contracting, and full-process consulting was 1.12 billion yuan, 190 million yuan, 160 million yuan, and 30 million yuan respectively, with year-on-year changes of -9.1%, -14.5%, -49.6%, and -39.7% [14]. - The gross margins for these segments were 35.06%, 42.19%, 0.96%, and 29.47%, showing improvements in gross margins despite revenue declines [14]. Dividend Policy - The company maintained a high dividend payout ratio of 97.2% in 2023, resulting in a dividend yield of 7.1% as of March 28 [13].