蒙煤贸易景气贡献业绩，后续仍有提升空间

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved operating revenue of 21.488 billion yuan in 2023, representing 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 [6][2]. - The company is experiencing explosive growth in international engineering and trade, with international engineering contracting revenue reaching 7.631 billion yuan, a year-on-year increase of 200.16% [6]. - The Mongolian coal trade remains robust, with significant growth in import volumes and prices, driven by tight supply and demand dynamics [9]. Financial Performance - In 2023, the company reported a comprehensive gross margin of 10.32%, a decrease of 3.42 percentage points year-on-year. The gross margin for the fourth quarter was 10.75%, down 4.76 percentage points year-on-year [7]. - The operating cash flow for 2023 was 0.702 billion yuan, a slight decrease of 0.036 billion yuan year-on-year, with a cash collection ratio of 94.13%, down 15.64 percentage points year-on-year [8]. - The company signed new contracts worth 2.62 billion USD in 2023, a year-on-year increase of 27.1%, indicating a potential increase in customer stickiness [8]. Business Segmentation - The revenue from goods trade was 10.885 billion yuan, an increase of 52.3% year-on-year, with a gross margin of 9.47%, up 7.45 percentage points year-on-year [6]. - Power generation revenue decreased to 0.534 billion yuan, down 42.23% year-on-year, with a gross margin of 71.04%, down 12.06 percentage points year-on-year [6]. Market Dynamics - Mongolia has become a crucial source of coking coal for China, with imports from Mongolia reaching 53% of total coking coal imports in 2023, up from 40% in 2022 [9]. - The completion of cross-border railways is expected to enhance import capacity, further supporting the growth of Mongolian coal imports [9].