CSCEC(SH:601668) Guotai Junan Securities·2024-04-26 07:32Investment Rating - The investment rating for the company is "Buy" with a target price of 8.16, maintaining the previous rating of "Buy" [2][8]. Core Insights - The company's net profit for 2023 increased by 6.5%, aligning with expectations, with a significant 43.1% increase in Q4 alone. The operating cash flow improved by 188% year-on-year, and accounts receivable decreased by 11.2% [6][8]. - For 2024, the company plans to sign new contracts worth over 4.5 trillion, representing a 4.1% increase, with a revenue growth forecast of 5.1% [6][8]. - The report maintains the target price of 8.16, corresponding to a PE ratio of 5.8 times for 2024, with adjusted EPS forecasts of 1.40 for 2024 and 1.48 for 2025 [6][8]. Financial Summary - The company reported a total revenue of 2.27 trillion in 2023, a 10.2% increase from the previous year, with significant contributions from various sectors: housing construction (1.38 trillion, +9.4%), infrastructure (556.6 billion, +12.8%), and real estate (308.8 billion, +9.5%) [6][8]. - The gross profit margin for 2023 was 9.83%, with a decrease in expense ratio to 4.71%. The net profit margin was 2.4%, and the weighted ROE was 13.36% [6][8]. - The company’s total assets were reported at 2.65 trillion, with a debt-to-asset ratio of 74.82% [6][8]. Earnings Per Share (EPS) Forecast - The EPS for 2023 was reported at 1.30, with projections of 1.40 for 2024 and 1.48 for 2025, indicating a growth rate of 7% and 6% respectively [6][8]. Market Performance - The stock price has fluctuated between 4.61 and 7.08 over the past 52 weeks, with a current market capitalization of 223.08 billion [4][8].