公司点评●工程咨询服务Ⅱ业绩稳健增长，盈利能力有所提升

Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company reported steady revenue growth with a 3.92% year-on-year increase, achieving a total revenue of 2.573 billion yuan in 2023. The revenue contributions from surveying and design, planning consulting, and engineering contracting were 86.92%, 7.35%, and 5.64%, respectively, with year-on-year growth rates of -1.51%, +53.88%, and +80.66% [1]. - The total profit reached 501 million yuan, marking a 9.15% increase year-on-year, while the net profit was 439 million yuan, up 8.21% year-on-year. The attributable net profit to the parent company was 432 million yuan, reflecting an 8.01% increase [1]. - The company's gross margin improved to 37.23%, an increase of 4.16 percentage points year-on-year, with the gross margin for surveying and design business at 38.87%, up 4.95 percentage points year-on-year [1]. - The net profit margin for 2023 was 17.08%, an increase of 0.68 percentage points year-on-year [1]. - The company benefited from policies promoting transportation infrastructure, with significant investments planned in rail transit, particularly in Guangdong province, which is expected to allocate 880 billion yuan for infrastructure development during the 14th Five-Year Plan [1]. Financial Summary - The company forecasts revenues of 2.942 billion yuan, 3.338 billion yuan, and 3.733 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 14.32%, 13.45%, and 11.84%. The attributable net profits are projected to be 546 million yuan, 641 million yuan, and 711 million yuan, with growth rates of 26.32%, 17.52%, and 10.88% [1]. - The earnings per share (EPS) are expected to be 1.36 yuan, 1.60 yuan, and 1.78 yuan for the same years, corresponding to price-to-earnings (PE) ratios of 10.84x, 9.23x, and 8.32x [1].