北方国际2023年年报点评：净利增44.3%超预期，蒙古焦煤板块业绩高增

Investment Rating - The investment rating for the company is "Buy" [1][3] - Previous rating was also "Buy" [1] Core Views - The company's net profit increased by 44.3%, exceeding expectations, driven by strong performance in the Mongolian coal segment [1][3] - Revenue for 2023 grew by 60%, with significant contributions from commodity trading and international engineering [1][3] - The target price is maintained at 19.30, corresponding to a PE ratio of 17.7 times for 2024 [1][3] Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 9.1 billion, a 44.3% increase, with total revenue reaching 214.9 billion, up 60% [1][3] - The gross profit margin for 2023 was 10.32%, a decrease of 3.42 percentage points due to lower margins in international engineering and power generation [1][3] - Operating cash flow for 2023 was 7.02 billion, showing stability compared to the previous year [1][3] Business Segments - The commodity trading segment saw a revenue increase of 53.4%, contributing 108 billion to total revenue [1][3] - The international engineering segment's revenue increased by 200%, contributing 84 billion [1][3] - The power generation segment experienced a decline, with revenue dropping to 5.9 billion [1][3] Future Projections - EPS is projected to grow to 1.09 in 2024 and 1.30 in 2025, reflecting growth rates of 20% and 18% respectively [1][3] - The company expects to maintain a target price of 19.30, with a PE ratio of 17.7 for 2024 [1][3] Market Data - The current stock price is 11.67, with a market capitalization of 11,694 million [1][3] - The stock has traded within a range of 9.26 to 20.10 over the past year [4]