建筑+新能源双轮驱动，打造第二成长曲线

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of 4.63 CNY, indicating a potential upside from the current price of 4.13 CNY [17]. Core Insights - The company is positioned as a leading private enterprise in municipal engineering, with a dual focus on construction and renewable energy, aiming to create a vertical integration in the photovoltaic industry [14][33]. - The company has shown a significant improvement in financial health, with a consistent positive operating cash flow since 2015 and a reduction in financial expenses [14][39]. - The renewable energy segment has been growing rapidly, with a revenue increase of 61% year-on-year in 2023, contributing to the overall business transformation [15][16]. Financial Performance - The company's revenue for 2023 was 6.43 billion CNY, a decrease of 26.13% compared to the previous year, while the net profit attributable to the parent company was 339.06 million CNY, down 6.95% [25][65]. - The projected net profit for 2024, 2025, and 2026 is expected to be 382.49 million CNY, 436.31 million CNY, and 513.45 million CNY, respectively, reflecting growth rates of 12.81%, 14.07%, and 17.68% [16][25]. - The company’s gross margin improved to 15.2% and net margin to 5.9% in 2023, indicating enhanced profitability [68]. Business Segments - The construction segment accounted for 86% of total revenue in 2023, with municipal and rail transit projects being the primary contributors [14][65]. - The renewable energy business is expected to invest in at least 3GW of new energy projects over the next 3-5 years, including solar and wind energy [15][24]. Future Outlook - The company plans to leverage its EPC model for solar power station construction and expand into upstream solar component production [15][16]. - The strategic partnership with state-owned enterprises aims to enhance the company's capabilities in the renewable energy sector [15][33].