Q4业绩高增35%，新能源运营及氢能加速布局

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a significant improvement in Q4 performance with a 35% increase, and a 25% growth in non-recurring net profit for the year [2] - The total revenue for 2023 reached 406 billion yuan, an 11% year-on-year increase, while the net profit attributable to shareholders was 8 billion yuan, a 2% increase [2] - The company signed new contracts worth 1,283.7 billion yuan in 2023, a 22% increase, with notable growth in the renewable energy and municipal engineering sectors [2] Financial Performance Summary - Revenue for 2023 was 406,032 million yuan, with a growth rate of 10.8% year-on-year [3] - The net profit attributable to shareholders for 2023 was 7,986 million yuan, reflecting a growth rate of 2.1% year-on-year [3] - The earnings per share (EPS) for 2023 was 0.19 yuan, with projected EPS for 2024, 2025, and 2026 at 0.21, 0.24, and 0.27 yuan respectively [3] Business Segment Performance - The engineering construction segment generated revenue of 343.5 billion yuan, a 14% increase, with traditional energy, renewable energy, and infrastructure showing varied performance [2] - The company’s gross margin improved to 12.6% in 2023, up by 0.2 percentage points year-on-year [2] - The company’s cash flow from operating activities was 9.5 billion yuan, an increase of 1.5 billion yuan compared to the previous year [2] Future Outlook - The company expects net profits for 2024, 2025, and 2026 to be 8.8 billion, 9.9 billion, and 11.1 billion yuan respectively, with growth rates of 10%, 13%, and 12% [2] - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 10.2, 9.0, and 8.1 respectively, indicating a favorable valuation [3]