营收如期高增长，在手订单充足

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 21.488 billion yuan, a year-on-year increase of 59.96%. The net profit attributable to shareholders was 0.918 billion yuan, up 44.31% year-on-year [7]. - The company signed new contracts totaling 2.620 billion USD, a 27.09% increase year-on-year, with a backlog of signed but uncompleted projects amounting to 14.737 billion USD [7]. - The company is benefiting from the "Belt and Road" initiative, actively expanding its market presence and implementing a strategy focused on investment-driven transformation [7]. Financial Summary - In 2023, the company's gross profit margin was 10.32%, a decrease of 3.42 percentage points from the previous year. The net profit margin was 4.44%, down 1.54 percentage points year-on-year [7]. - The operating cash flow for 2023 was 0.702 billion yuan, a slight decrease of 4.87% compared to the previous year [7]. - Revenue projections for 2024-2026 are 25.974 billion yuan, 30.314 billion yuan, and 34.675 billion yuan, representing year-on-year growth rates of 20.88%, 16.71%, and 14.39% respectively [7].