收入利润表现亮眼，投资项目持续贡献业绩增长

Investment Rating - The investment rating for the company is "Buy" with a target price of 15.41 CNY, maintaining the rating [7][23]. Core Views - The company achieved a revenue of 21.49 billion CNY in 2023, representing a year-on-year growth of 60.0%. The net profit attributable to the parent company was 918.06 million CNY, up 44.31% year-on-year [23]. - The company is undergoing a transformation towards integrated investment and operation, with significant contributions from ongoing projects [2][4]. - The company signed new orders worth 26.2 billion USD (approximately 184.7 billion CNY) in 2023, a year-on-year increase of 27.7% [4]. Financial Performance - Revenue breakdown for 2023 includes international engineering contracting at 7.63 billion CNY, domestic construction at 250 million CNY, and cargo trade at 10.78 billion CNY, with respective year-on-year growth rates of 200.2%, -67.9%, and 53.4% [3]. - The overall gross margin for the company was 10.32%, a decrease of 3.4 percentage points year-on-year, with the fourth quarter gross margin at 10.75% [3]. - The company’s cash flow from operations (CFO) for 2023 was 702 million CNY, a decrease of 36 million CNY year-on-year [5]. Order Backlog and Project Execution - As of the end of 2023, the company had an order backlog of 57.5 billion USD (approximately 405.2 billion CNY), which is 1.89 times the revenue for the same period [4]. - The company is actively responding to the "Belt and Road" initiative, with ongoing projects such as the Iraq TQ refinery expansion [4]. Cost and Efficiency - The period expense ratio slightly increased by 0.8 percentage points to 3.2%, with financial expenses rising by 50.4% year-on-year due to reduced exchange gains [5]. - The total asset turnover ratio improved to 0.94 times, an increase of 0.29 times year-on-year [5]. Future Projections - The company is projected to achieve revenues of 24.56 billion CNY in 2024, with a growth rate of 14.29% [6]. - The estimated net profit attributable to the parent company for 2024 is 1.03 billion CNY, reflecting a growth rate of 12.13% [6].