2023年归母净利润同比增12.6%，高分红逻辑延续至2026年

Investment Rating - The report does not provide a clear investment rating for the company [4] Core Insights - The company achieved a revenue of 8.048 billion yuan in 2023, representing a year-on-year increase of 3.43%, and a net profit attributable to the parent company of 1.083 billion yuan, up 12.59% year-on-year [7][11] - The company's operational business showed stable growth, with slight increases in water supply and sewage treatment, while the gas business showed significant recovery year-on-year; however, the gas engineering business declined [11][12] - The company plans to maintain a dividend payout ratio of no less than 50% from 2024 to 2026, continuing its high dividend logic [11][13] Summary by Sections Financial Performance - In 2023, the company reported a net profit of 1.083 billion yuan, a 12.59% increase year-on-year, with a non-recurring net profit of 1.027 billion yuan, up 20.65% year-on-year [11][12] - The fourth quarter saw a revenue of 2.335 billion yuan, a decrease of 1.36% year-on-year, while the net profit was 195 million yuan, an increase of 3.33% year-on-year [11] Business Segments - Water Supply: Sold 396 million tons of water, a 0.37% increase year-on-year, generating revenue of 966 million yuan, up 3.4% year-on-year, with a gross margin of 44.7% [12] - Sewage Treatment: Treated 1.16 billion tons of sewage, a 0.91% increase year-on-year, with revenue of 2.4 billion yuan, up 4.6% year-on-year, and a gross margin of 41.5% [12] - Gas Business: Sold 525 million cubic meters of natural gas, a 2.3% increase year-on-year, generating revenue of 2 billion yuan, up 5.25% year-on-year, with a gross margin of 9.85% [12] - Solid Waste: Generated revenue of 770 million yuan, a 4.2% increase year-on-year, with a gross margin of 41.4% [12] Future Outlook - The company expects net profits of 1.17 billion yuan, 1.23 billion yuan, and 1.29 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth of 7.76%, 5.41%, and 4.67% [14] - The company maintains a current PE ratio of 10.4x for 2024, 9.9x for 2025, and 9.4x for 2026, with a dividend yield of 4.8% based on 2023 dividends [14]