能源电力增速显著，海外业务量质齐升 推荐

Investment Rating - The investment rating for the company is "Recommended" (maintained) [2][3] Core Views - The company reported a significant increase in new contract amounts in the energy and power sector, with total revenue for 2023 reaching 609.41 billion yuan, a year-on-year increase of 6.43%, and a net profit attributable to shareholders of 12.99 billion yuan, up 13.58% year-on-year [3] - The company has successfully expanded its overseas business, with new contracts signed amounting to 215.17 billion yuan, a year-on-year increase of 11.87%, representing 18.83% of total new contracts [3] - The company is expected to achieve revenue growth of 6.02%, 7.13%, and 7.60% for the years 2024, 2025, and 2026, respectively, with net profit growth of 9.63%, 13.45%, and 12.88% for the same periods [3] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 609.41 billion yuan, with a net profit of 12.99 billion yuan, and a non-recurring net profit of 11.71 billion yuan, reflecting growth rates of 6.43%, 13.58%, and 13.17% respectively [3] - The gross margin for 2023 was 13.23%, an increase of 1.02 percentage points, with the engineering contracting and surveying design segment contributing 90.84% of the main business revenue [3] Contract and Business Growth - The company signed new contracts worth 1.14 trillion yuan in 2023, a year-on-year increase of 13.24%, with significant contributions from the energy and power sector [3] - In Q1 2024, new contracts signed amounted to 331.12 billion yuan, a year-on-year increase of 2.71% [3] International Business Development - The company’s international business saw a notable increase, with overseas new contracts reaching 215.17 billion yuan, accounting for 50.51% of total overseas contracts [3] - Major projects signed during the Belt and Road Forum included significant infrastructure projects in Kenya, Ethiopia, Bangladesh, and Argentina [3] Future Projections - Revenue projections for 2024, 2025, and 2026 are 646.08 billion yuan, 692.16 billion yuan, and 744.75 billion yuan, respectively, with corresponding net profits of 14.24 billion yuan, 16.16 billion yuan, and 18.24 billion yuan [3]