INDUSTRIAL SECURITIES·2024-03-30 16:00Investment Rating - The report maintains a "Buy" rating for the company [3][13] Core Views - The company achieved a revenue of 1,137.993 billion yuan in 2023, representing a year-on-year growth of 3.80%. The net profit attributable to shareholders was 26.097 billion yuan, a decrease of 2.19% year-on-year [4][6] - The company announced a cash dividend policy for 2023, distributing 3.50 yuan per 10 shares, totaling 4.753 billion yuan, with a dividend payout ratio of 20.18%, an increase of 4.27 percentage points from the previous year [4][6] - The company has a solid order backlog of 5 trillion yuan, providing strong support for future revenue growth [7][8] Financial Performance Summary - Revenue: 2023 revenue was 1,137.993 billion yuan, with a projected increase to 1,206.496 billion yuan in 2024, reflecting a growth rate of 6.0% [2][4] - Net Profit: The net profit for 2023 was 26.097 billion yuan, expected to rise to 28.583 billion yuan in 2024, indicating a growth of 9.5% [2][4] - Gross Margin: The overall gross margin for 2023 was 10.4%, up 0.31 percentage points from the previous year [8][10] - Earnings Per Share (EPS): The EPS for 2023 was 1.92 yuan, projected to increase to 2.10 yuan in 2024 [2][4] Business Segment Analysis - Engineering Contracting: Revenue from engineering contracting increased by 2.34% year-on-year, contributing significantly to overall revenue [7][8] - Real Estate Development: Revenue from real estate development surged by 33.76% year-on-year, driven by accelerated project deliveries in the second half of the year [7][8] - International Orders: New contracts signed internationally totaled 252.8 billion yuan, a decrease of 17.4% year-on-year, attributed to a high base in the previous year and stricter project quality controls [6][7] Future Outlook - The company expects to maintain a cash dividend ratio of no less than 15% from 2024 to 2026, indicating a commitment to returning value to shareholders [4][6] - The anticipated earnings per share for 2024-2026 are projected to be 2.10 yuan, 2.28 yuan, and 2.51 yuan respectively, with corresponding price-to-earnings ratios of 4.0, 3.7, and 3.4 [2][13]