23年业绩符合预期，高比例分红持续

Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Insights - The company's 2023 performance met expectations, with revenue of 5.751 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 627 million yuan, up 15.46% year-on-year [2][19]. - The company has a high dividend payout ratio, distributing 500 million yuan in cash dividends, which accounts for 80% of the net profit attributable to shareholders [19]. - The company is expected to benefit from the digitalization of the power grid and has maintained a strong cash flow from operating activities, with a net cash flow of 1.233 billion yuan in 2023, a 73.63% increase year-on-year [19]. Financial Summary - Revenue for 2023 was 5.751 billion yuan, with a gross margin of 34.44% and a net margin of 10.92%, both showing year-on-year improvements [2][19]. - The company forecasts revenue growth of 13.2% for 2024, with an expected net profit of 730 million yuan, reflecting a growth rate of 16.3% [7][19]. - The company’s cash flow management has improved, as indicated by a significant increase in contract liabilities, which reached 1.389 billion yuan, up 27.10% year-on-year [19].