能源电力工程&投资齐驱并进，毛利率回升带动业绩稳健增长

Investment Rating - The report maintains an "Accumulate" rating for China Electric Power Construction (601669) [3][13] Core Views - China Electric Power Construction reported a revenue of 608.44 billion yuan for 2023, representing a year-on-year growth of 6.44%, and a net profit attributable to shareholders of 12.99 billion yuan, up 13.58% year-on-year [3][6] - The company benefited from the continuous advancement of domestic energy construction and strong overseas engineering demand, with an overall order growth rate of 13.2% in 2023 [3][7] - The gross profit margin increased to 13.23%, up 1.02 percentage points year-on-year, primarily due to a higher proportion of high-margin renewable energy and pumped storage projects [3][9] Summary by Sections Market Data - Closing price: 5.16 yuan - Total shares: 17,226.16 million - Net assets: 160,580.35 million yuan - Total assets: 1,153,774.74 million yuan - Earnings per share: 0.75 yuan [1] Financial Performance - Revenue for 2023: 608.44 billion yuan, with a year-on-year growth of 6.44% - Net profit for 2023: 12.99 billion yuan, with a year-on-year growth of 13.58% - Gross profit margin: 13.23%, up 1.02 percentage points year-on-year - Operating cash flow for 2023: 22.27 billion yuan, a decrease of 27.79% year-on-year [2][3][9] Order and Contract Data - New contracts signed in 2023 totaled 11,428.44 billion yuan, a year-on-year increase of 13.2% - The energy and power business accounted for 54% of total new contracts, with a significant increase of 36.17% year-on-year [3][7][8] - The backlog of contracts at the end of 2023 was 1.85 trillion yuan, representing a year-on-year increase of 17.88% [3][8] Future Outlook - The company is expected to benefit from the deepening of energy cooperation along the "Belt and Road" initiative and the increasing acceptance of dual carbon goals overseas, leading to sustained growth in overseas orders [3][11] - The forecast for earnings per share (EPS) for 2024-2026 is 0.84 yuan, 0.93 yuan, and 1.02 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 6.2, 5.6, and 5.1 [3][13]