CNCEC(SH:601117) Guotai Junan Securities·2024-05-08 02:32Investment Rating - The investment rating for the company is "Buy" [1][4]. Core Views - The report maintains a "Buy" rating based on the annual report disclosure and forecasts a revenue growth rate of 8.8% for 2024, with a target price of 11.00, corresponding to a PE ratio of 11 times for 2024 [1][4]. - The company reported a net profit increase of 0.2% in 2023, which was below expectations, while the net profit for Q1 2024 increased by 9.5% [1][4]. - The company achieved a 22% increase in new orders in 2024, with a significant 240% increase in overseas orders [1][4]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 178.4 billion, an increase of 13.1%, and a net profit of 5.4 billion, an increase of 0.2% [1][4]. - The operating cash flow for 2023 was 91 billion, a significant increase of 509% compared to 2022 [1][4]. - The report forecasts revenues of 195.6 billion for 2024, with a net profit of 5.96 billion, reflecting a growth rate of 10% [1][4]. Order Book and Future Outlook - The company plans to achieve a total revenue of 1,950 billion in 2024, with a profit target of 740 million, indicating a growth of 7.2% [1][4]. - The new signed orders for Q1 2024 reached 1,279 billion, marking a 22% increase year-on-year [1][4]. - The company aims for a dividend yield of 2.8% with a payout ratio of 20% [1][4]. Valuation Metrics - The target price is set at 11.00, with the current price at 7.27, indicating potential upside [1][4]. - The report highlights a projected EPS of 0.98 for 2024, with a growth rate of 10% [1][4]. - The company’s net profit margin for 2023 was reported at 3.04%, with a return on equity (ROE) of 9.83% [1][4].