CH ENERGY ENG(601868) 开源证券·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [5][6]. Core Views - The company has demonstrated stable growth in revenue and profit, with significant progress in its renewable energy projects. Despite a slowdown in infrastructure investment and lower-than-expected real estate construction, the company has maintained a positive outlook for future market share growth [6][8]. Financial Performance - In 2023, the company achieved operating revenue of 406.03 billion yuan, a year-on-year increase of 10.8%. The net profit attributable to shareholders was 7.99 billion yuan, up 2.1% year-on-year. Operating cash flow was 9.49 billion yuan, reflecting a 19.5% increase [7]. - The gross margin and net margin were 12.64% and 2.77%, respectively, compared to 12.42% and 2.84% in 2022. The increase in credit impairment losses and a rise in R&D expense ratio contributed to a slight decline in net margin [7]. Order Growth - The company signed new contracts worth 12,837.3 billion yuan in 2023, marking a year-on-year growth of 22.4%. This growth was driven by both domestic and international markets, with domestic contracts increasing by 23.9% and international contracts by 17.1% [8]. - The new contracts in traditional energy, renewable energy, urban construction, surveying and consulting, and industrial manufacturing grew by 7.5%, 26.1%, 31.1%, 50.0%, and 44.7%, respectively [8]. Renewable Energy Development - The renewable energy segment saw a 14.5% increase in new contracts and a 38.41% rise in revenue. The company added 2,009.7 MW of new wind and solar energy development capacity, with a total installed capacity of 9.511 million kW by the end of 2023, nearly doubling from the previous year [9]. - The revenue contribution from renewable energy construction and operation increased to 39.4% and 58.8%, respectively [9]. Profit Forecast - The company’s projected net profit for 2024-2026 is 9.05 billion, 10.60 billion, and 12.33 billion yuan, respectively, with corresponding EPS of 0.22, 0.25, and 0.30 yuan. The current stock price corresponds to P/E ratios of 9.8, 8.3, and 7.2 times for the respective years [6][10].