业绩稳健提升，新签订单大幅增长

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved a steady revenue increase, with a total operating income of 17.726 billion yuan in 2023, representing a year-on-year growth of 19.06%. The net profit attributable to shareholders was 577 million yuan, up 3.22% year-on-year [1]. - The company signed new contracts worth 24.6 billion yuan in 2023, a significant increase of 48.46% year-on-year, with infrastructure and housing construction projects showing rapid growth [1]. - The gross profit margin slightly increased to 7.50%, with the design and consulting business achieving a higher gross margin of 26.49% [1]. - The company actively participated in the Yangtze River Delta integration and deepened its high-end industrial layout in the Pudong New Area, leveraging its full industry chain integration advantages [1]. Financial Performance Summary - In 2023, the company reported a total operating income of 17.726 billion yuan, with construction project revenue of 17.127 billion yuan, an increase of 17.89% year-on-year. The sales revenue from asphalt concrete and related products reached 140 million yuan, up 118.79% year-on-year [1]. - The company’s operating cash flow showed a net outflow of 594 million yuan, which was in line with expectations due to business expansion and increased operating liabilities [1]. - The forecast for revenue from 2024 to 2026 is 19.827 billion yuan, 22.433 billion yuan, and 25.601 billion yuan, with corresponding net profits of 646 million yuan, 731 million yuan, and 841 million yuan, indicating a positive growth trajectory [1].