2023年年报点评：四季度营收同比转正，集装箱业务持续复苏

Investment Rating - The report maintains a "Buy" rating for the company [6][13]. Core Views - The company's 2023 net profit attributable to shareholders decreased by 86.91%, with total revenue of 127.8 billion yuan, down 9.7% year-on-year. The fourth quarter showed a slight recovery with revenue of 32.685 billion yuan, a year-on-year growth of 0.87% [2]. - The decline in performance is attributed to the cyclical downturn in the container manufacturing business and increased interest expenses due to rising dollar bond rates [2]. - The container manufacturing segment remains a global leader, generating 30.2 billion yuan in revenue, down 33.9%, with a net profit of 1.8 billion yuan, down 65.88%. The gross margin was stable at 15.97% [2]. - CIMC Vehicles, holding 56.78%, solidified its position as the global leader in semi-trailer sales, with revenue of 25.1 billion yuan, up 6.21%, and a net profit of 2.4 billion yuan, up 119.80% [2]. - CIMC Enric, holding 67.60%, enhanced its clean energy service capabilities, achieving a record order backlog of 22.85 billion yuan, with revenue of 25.1 billion yuan, up 17.77%, and a net profit of 854 million yuan, down 18.03% [2]. - CIMC Raffles, holding 80.04%, reported revenue of 10.4 billion yuan, up 81.12%, with a net loss of 31 million yuan, although its marine engineering business turned profitable [2]. - The container manufacturing business showed signs of recovery in Q4 2023, with a total sales volume of 664,100 TEUs, down approximately 40.03%, but Q4 sales of standard dry containers increased by 96.03% year-on-year [2]. - The marine engineering segment has a robust order book, with new orders of 1.63 billion USD in 2023 and a total backlog of 5.4 billion USD, up 35% year-on-year [2]. Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been revised upwards to 2.642 billion, 3.605 billion, and 4.389 billion yuan respectively, with corresponding PE ratios of 18, 13, and 11 times [3][4]. - The reasonable valuation range is set at 10.78 to 11.27 yuan, corresponding to a PE of 22-23 times for 2024 [3][4].