项目进度放缓致使业绩承压，新业务板块稳步推进

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6]. Core Views - The company's performance has been under pressure due to slowed project progress, but new business segments are steadily advancing. The focus is on high dividend and high yield investment value [1][4]. - In 2023, the company achieved operating revenue of 115.04 billion yuan, a year-on-year decrease of 14.88%, and a net profit attributable to shareholders of 9.00 billion yuan, down 19.7% year-on-year [1][5]. - The company has a robust order backlog, with a 20% year-on-year increase in contracts won in 2023, and a 1.15% increase in Q1 2024 [1]. Financial Performance Summary - In 2023, the engineering construction segment generated revenue of 103.89 billion yuan, down 8.9% year-on-year, while the clean energy segment saw a significant increase of 130.3% to 4.58 billion yuan [2]. - The gross profit margin for 2023 was 18.1%, an increase of 1.09 percentage points year-on-year, attributed to an improved revenue structure with a higher proportion of high-margin clean energy business [3]. - The company reported a cash dividend of 4.506 billion yuan in 2023, with a dividend payout ratio of 50%, resulting in a dividend yield of 6.65% as of April 22 [1]. Future Outlook - The company expects net profits attributable to shareholders to reach 9.7 billion yuan in 2024, reflecting an 8% year-on-year growth, with further increases projected for 2025 and 2026 [4][5]. - The clean energy business is expected to continue its growth trajectory, supported by the acquisition of the Maerga company and ongoing projects in the mining sector [2].