公司信息更新报告：各板块毛利率均有提升，归母净利润连续八年增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10]. Core Views - The company has achieved continuous growth in net profit for eight consecutive years, with a focus on core business development in subway design consulting [8][10]. - Revenue and profit have both increased, with all segments showing improved gross margins [9][10]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 5.93 billion, 6.25 billion, and 6.42 billion respectively, with corresponding EPS of 1.48, 1.56, and 1.61 [10]. Financial Performance Summary - In 2023, the company achieved operating revenue of 2.573 billion, a year-on-year increase of 3.92%, with the breakdown of revenue sources being 86.92% from surveying and design, 7.35% from planning consulting, and 5.64% from engineering contracting [9]. - The net profit attributable to the parent company was 432 million, reflecting a year-on-year growth of 8.01%, with an EPS of 1.08 [9]. - The gross margin and net profit margin were 37.2% and 17.1%, respectively, both showing improvements compared to the previous year [9]. - The company has made provisions for asset impairment of approximately 126 million, a year-on-year increase of 168% [9]. Business Development and Market Expansion - The company has successfully opened three major subway lines and is advancing design tasks for 46 lines across 46 cities [11]. - It has won the overall design package project for the Changsha to Ningxiang line and signed cooperation agreements in new markets such as Hong Kong and Colombia [11]. - The company has established a wholly-owned subsidiary for energy management in subway systems and is involved in new energy storage initiatives [11]. Financial Forecasts - The financial forecasts for 2024-2026 indicate a steady increase in revenue and net profit, with expected revenues of 2.824 billion, 3.031 billion, and 3.153 billion respectively [12]. - The projected net profit for 2024 is 593 million, with a year-on-year growth of 37.3% [12]. - Key financial ratios such as ROE and net profit margin are expected to remain stable, indicating a solid financial outlook [12].