业绩稳步提升，新签订单稳增长

Investment Rating - The report maintains a "Recommended" rating for China Nuclear Engineering Corporation (601611) [1] Core Views - The company has shown steady performance improvement with a significant increase in new contracts, particularly in nuclear power construction [1] - In 2023, the company achieved operating revenue of 109.385 billion yuan, a year-on-year increase of 10.34%, and a net profit attributable to shareholders of 2.063 billion yuan, up 16.07% year-on-year [1] - The company signed new contracts worth 150.637 billion yuan in 2023, reflecting an 8.34% year-on-year growth [1] - The first quarter of 2024 saw operating revenue of 29.036 billion yuan, a slight increase of 0.37% year-on-year, and a net profit of 557 million yuan, up 9.60% year-on-year [1] - The gross profit margin improved to 11.35% in 2023, an increase of 1.28 percentage points from the previous year [1] Financial Performance Summary - In 2023, the nuclear engineering segment generated operating revenue of 23.926 billion yuan, a 42.86% increase year-on-year, while the industrial and civil engineering segment saw a slight decline in revenue to 75.123 billion yuan, down 0.14% year-on-year [1] - The company’s net profit margin reached 27.83% in 2023, an increase of 3.28 percentage points from the previous year [1] - The company plans to increase its revenue to 119.252 billion yuan, 131.199 billion yuan, and 145.629 billion yuan for the years 2024 to 2026, representing year-on-year growth rates of 9.02%, 10.02%, and 11.00% respectively [1][2]