全年业绩符合预期，期待福建海风电价机制改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [3]. Core Insights - The company reported a 2023 revenue of 14.69 billion yuan, a year-on-year increase of 2.63%, and a net profit attributable to shareholders of 2.62 billion yuan, up 1.1%, aligning with expectations [3]. - The company plans to maintain a cash dividend payout ratio of at least 30% of the net profit attributable to shareholders for the years 2024-2026 [3]. - The company has significant offshore wind power project indicators, with over 1 GW secured, positioning it for future growth as it accelerates project acquisition [3]. - The report forecasts net profits of 2.99 billion yuan for 2024, 3.15 billion yuan for 2025, and 3.47 billion yuan for 2026, with respective growth rates of 14%, 5.3%, and 10.3% [4]. Financial Performance Summary - The company achieved a total revenue of 14.69 billion yuan in 2023, with a projected revenue of 14.66 billion yuan for 2024, reflecting a slight decline of 0.2% [4]. - The net profit for 2023 was 2.62 billion yuan, with a forecasted increase to 2.99 billion yuan in 2024, representing a growth rate of 14% [4]. - The earnings per share (EPS) for 2023 was 1.03 yuan, expected to rise to 1.08 yuan in 2024 [4]. - The gross margin is projected to improve from 23.8% in 2023 to 28.0% in 2024 [4].