中国电建：新能源驱动营收增长，归母业绩稳中有进

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company achieved a revenue of 608.439 billion yuan in 2023, representing a year-on-year growth of 6.44%. The net profit attributable to shareholders was 12.988 billion yuan, an increase of 13.58% year-on-year. The net profit after deducting non-recurring items was 11.713 billion yuan, up 13.17% year-on-year [4][5]. - The growth in revenue is primarily driven by the rapid expansion of the renewable energy business, with the engineering contracting and surveying design segment generating 550.560 billion yuan, a year-on-year increase of 9.16%, accounting for 90.84% of the main business revenue [4][5]. - The company reported a comprehensive gross margin of 13.23%, an increase of 1.02 percentage points year-on-year, despite facing foreign exchange losses that impacted financial expenses [4][5]. Summary by Sections Revenue and Profitability - In Q4 2023, the company recorded a revenue of 187.805 billion yuan, a year-on-year increase of 7.23%. The net profit for the quarter was 3.498 billion yuan, up 23.98% year-on-year, while the net profit after deducting non-recurring items decreased by 26.66% to 2.463 billion yuan [4][5]. Order Growth - The company signed new orders worth 1,142.8 billion yuan in 2023, a year-on-year growth of 13.24%. The energy and power sector saw new orders of 616.8 billion yuan, a significant increase of 36.2% [4][5]. Future Growth Drivers - The ongoing dual carbon policy is expected to drive growth in renewable energy and pumped storage sectors. The company completed its restructuring and achieved significant new construction indicators, with a total installed capacity of 27.1885 million kilowatts by the end of 2023, a year-on-year increase of 33.39% [5].