SRBC(SH:600039) Haitong Securities·2024-05-27 09:31Investment Rating - The investment rating for the company is "Outperform the Market" [5][7]. Core Views - The company achieved a revenue of 1150.42 billion yuan in 2023, a year-on-year decrease of 14.88%, and a net profit attributable to the parent company of 90.04 billion yuan, down 19.70% year-on-year [5][6]. - The company signed new orders worth 1685.16 billion yuan in 2024, representing a year-on-year increase of 20.07% [5]. - The gross profit margin increased by 1.09 percentage points to 18.14% in 2023, with significant growth in clean energy and highway investment operations [6][10]. - The company is positioned as a leader in transportation infrastructure in Sichuan Province, with a comprehensive layout for low-carbon and intelligent transformation [7]. Financial Performance Summary - Revenue for 2023 was 115042 million yuan, with a projected increase to 126554 million yuan in 2024, reflecting a year-on-year growth of 10.0% [8][10]. - The net profit for 2023 was 9004 million yuan, expected to rise to 10096 million yuan in 2024, indicating a growth of 12.1% [8][10]. - The earnings per share (EPS) for 2023 was 1.03 yuan, projected to increase to 1.16 yuan in 2024 [8][10]. - The company’s net profit margin for 2023 was 7.8%, with a slight increase expected in 2024 [10][11]. Business Segment Analysis - The engineering construction segment reported a revenue of 1038.89 million yuan, with a year-on-year decrease of 8.93% [5]. - The clean energy segment saw a revenue increase of 130.31% to 4.58 million yuan in 2023 [6]. - The mining and new materials segment experienced a significant decline, with revenue dropping 56.81% to 16.87 million yuan [6]. Market Comparison - The company’s market capitalization is approximately 66061 million yuan, with a circulating market value of 50631 million yuan [5]. - Compared to peers, the company has a projected P/E ratio of 7.34 for 2023, indicating a competitive valuation within the industry [9].