业绩高增，龙头强者恒强

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated significant growth in 2023, with a revenue increase of 19.44% year-on-year, reaching 11.077 billion yuan, and a remarkable net profit growth of 284.47%, amounting to 816 million yuan [1] - The high-voltage segment is performing strongly, with revenue of 6.155 billion yuan, up 23.67% year-on-year, while international business has seen a substantial increase of 261.1%, reaching 724 million yuan [2] - The company is expected to benefit from the ongoing construction of the power grid, with new contracts increasing by 44.20% year-on-year, and projected revenue for 2024 is estimated to be between 12 billion and 13 billion yuan, representing a growth of 8.33% to 17.36% [4] Revenue Breakdown - The high-voltage segment achieved revenue of 61.55 billion yuan, up 23.67% year-on-year [2] - The distribution network segment reported revenue of 29.09 billion yuan, down 2.19% year-on-year [2] - The operation and maintenance segment generated revenue of 11.74 billion yuan, up 14.92% year-on-year [2] - International business revenue reached 7.24 billion yuan, up 261.1% year-on-year [2] Profitability - The company's gross margin reached 21.09%, an increase of 3.88 percentage points year-on-year, while the net margin improved to 8.31%, up 5.07 percentage points [3] - The high-voltage segment's gross margin is projected to be 22.9% in 2024, while the distribution network segment's gross margin increased to 16.74% [3] - The overall expense ratio for 2023 was 10.88%, a decrease of 1.1 percentage points year-on-year, with significant reductions in management expenses [3] Contract Growth and Future Outlook - The company secured new contracts with a year-on-year growth of 44.20%, maintaining a leading market position in the ultra-high voltage sector [4] - The company plans to achieve a revenue target of 12.86 billion to 15.65 billion yuan for 2024, indicating continued growth [4] - The ongoing construction of the power grid and the company's strong position in ultra-high voltage equipment are expected to drive future revenue growth [4]