中国电建2023年年报点评：净利增13.6%加速，光伏装机增190%

Investment Rating - The report maintains an Overweight rating for the company, with a target price of 7.50 CNY, down from the previous target of 9.00 CNY [1][4] Core Views - The company's net profit increased by 13.6% in 2023, with Q4 showing a significant growth of 24.0% [1] - Revenue for 2023 reached 608.4 billion CNY, a 6.4% increase year-over-year, with engineering design contributing 550.6 billion CNY, up 9.2% [1] - The company's installed capacity reached 27.19 GW, a 33% increase, with solar power capacity surging by 190% to 7.73 GW [1] - New contracts signed in 2023 increased by 13%, with overseas contracts growing by 12% to 215.2 billion CNY [1] - The company plans to spin off its subsidiary, PowerChina New Energy, for a listing on the Shanghai Stock Exchange [1] Financial Performance - The company's operating cash flow decreased by 27.8% to 22.3 billion CNY in 2023, with Q4 showing a significant recovery [1] - Accounts receivable increased by 5.9% to 106.3 billion CNY, while impairment losses totaled -6.69 billion CNY [1] - The company's net debt ratio stood at 114.16%, with a PB ratio of 0.6 [1] Business Segments - In 2023, the company's energy power segment contributed 616.8 billion CNY in new contracts, with solar power accounting for 279.9 billion CNY, a 44.5% increase [7] - The water resources and environment segment saw a 12.4% decline in new contracts, while urban construction and infrastructure contracts decreased by 5.8% [7] Industry Outlook - The company's clean energy capacity accounted for 84.6% of its total installed capacity, highlighting its focus on renewable energy [1] - The report forecasts a 9% increase in EPS for 2024, reaching 0.82 CNY, with a 10% growth expected in 2025 [1]