业绩保持稳健增长，坚持自主创新推动公司发展

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [6][14]. Core Insights - The company achieved a revenue of 47.62 billion yuan in 2023, a year-on-year growth of 2.49%, and a net profit attributable to shareholders of 2.15 billion yuan, reflecting a significant increase of 35.77% [2][6]. - In Q1 2024, the company reported a revenue of 11.79 billion yuan, up 8.45% year-on-year, and a net profit of 513 million yuan, marking a 29.87% increase [2][6]. - The company is focusing on strategic investments in its core sectors of communication and energy, enhancing its global brand influence and operational capabilities [2][6]. Financial Performance Summary - Revenue is projected to grow from 56.78 billion yuan in 2024E to 75.04 billion yuan in 2026E, with corresponding growth rates of 19.2%, 18.2%, and 11.8% respectively [1][9]. - Net profit attributable to shareholders is expected to rise from 3.00 billion yuan in 2024E to 4.84 billion yuan in 2026E, with growth rates of 34.8%, 33.9%, and 20.3% respectively [1][9]. - The company's return on equity (ROE) is forecasted to improve from 10.2% in 2024E to 12.5% in 2026E [1][9]. Research and Development - The company increased its R&D investment to 2.10 billion yuan in 2023, a growth of 6.79%, focusing on advanced technologies in optical communication and marine energy [2][6]. - Notable innovations include the launch of the world's first 18kV powered submarine cable system and the development of a domestic underwater data transmission system [2][6]. Global Expansion - The company is actively expanding its global footprint, with significant investments in communication networks across Europe, South America, South Asia, Africa, and Southeast Asia [2][6]. - The acquisition of j-fiber GmbH has enhanced its capabilities in specialty optical fibers, and new production bases in Egypt, Indonesia, and India are being established [2][6].