CNCEC(SH:601117) GF SECURITIES·2024-04-29 05:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 10.30 CNY per share based on a 10x PE valuation for 2024 [5][3]. Core Views - In 2023, the company achieved a revenue of 178.36 billion CNY, a year-on-year increase of 13.09%, and a net profit attributable to shareholders of 5.43 billion CNY, up 0.20% year-on-year [2]. - The company reported strong operating cash flow, with a net inflow of 9.13 billion CNY in 2023, an increase of 7.63 billion CNY compared to the previous year, attributed to effective cash flow management [2]. - The chemical engineering segment saw significant revenue growth, with 2023 revenue of 142.4 billion CNY, a year-on-year increase of 20.35% [2]. - The company secured new orders worth 326.8 billion CNY in 2023, a 10% increase year-on-year, with overseas orders reaching 100.6 billion CNY, up 165% [2]. - The company is advancing its projects, including the technical transformation of the adiponitrile project and the production ramp-up of new materials [2]. Financial Summary - The company’s revenue for 2023 was 179.20 billion CNY, with a projected revenue of 203.81 billion CNY for 2024, reflecting a growth rate of 13.7% [4]. - The net profit for 2023 was 5.43 billion CNY, with forecasts of 6.29 billion CNY for 2024, indicating a growth rate of 15.9% [4]. - The company’s EPS for 2023 was 0.89 CNY, with expectations of 1.03 CNY for 2024 [4]. - The company’s P/E ratio for 2023 was 7.16, projected to decrease to 6.77 in 2024 [4].