海缆量利齐升，业绩持续提振

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met expectations, with total revenue reaching 7.31 billion yuan, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 1 billion yuan, up 18.78% year-on-year [2][5] - The marine cable business has shown significant growth, with the revenue from marine cable systems and marine engineering reaching 3.48 billion yuan, a year-on-year increase of 14.78% [5] - The company has a strong order backlog of 7.86 billion yuan, with expectations for high growth in 2024 due to an accelerated pace in offshore wind power installations [2][8] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 73.10 billion yuan, with a net profit of 10.00 billion yuan, and a gross margin of 25.21%, which increased by 2.83 percentage points year-on-year [2][5] - The operating cash flow for 2023 was 1.19 billion yuan, reflecting an 83.93% year-on-year improvement [2] Business Segments - The marine business now accounts for 47.59% of total revenue, with the gross margin for marine cables increasing by 5.87 percentage points to 49.14% [2][5] - The overseas business revenue reached 126 million yuan, a significant increase of 130.56% year-on-year [5] Future Outlook - The company expects revenue for 2024 to be 9.14 billion yuan, with net profit projected at 1.41 billion yuan, reflecting a growth rate of 40.7% [3][9] - The anticipated earnings per share (EPS) for 2024 is 2.05 yuan, with a price-to-earnings (P/E) ratio of 23 times based on the closing price on March 29, 2024 [3][9]