业绩符合预期，海外新签创历史新高

Investment Rating - The report maintains a "Recommended" rating for China Metallurgical Group Corporation (601618) [1] Core Views - The company's performance in 2023 met expectations, with a total revenue of CNY 633.87 billion, representing a year-on-year increase of 6.95%. However, the net profit attributable to shareholders decreased by 15.63% to CNY 8.67 billion, and the net profit after deducting non-recurring gains and losses fell by 21.90% to CNY 7.55 billion, indicating a steady development trend despite challenges [1] - In 2023, the company signed new contracts worth CNY 1,424.78 billion, a year-on-year increase of 6.04%. The new contracts in the housing construction sector amounted to CNY 683.54 billion, up 2.6%, while the municipal infrastructure sector saw a decrease of 3.4% to CNY 222.29 billion. The metallurgical engineering sector's new contracts grew by 0.9% to CNY 174.5 billion, and other sectors experienced a significant increase of 34.3% to CNY 256.38 billion [1] - The company achieved a record high in overseas new contracts, totaling CNY 63.384 billion, a year-on-year increase of 43.72%. This growth was driven by successful projects in countries involved in the Belt and Road Initiative, including the Guinea Parliament Building and several high-end housing projects in Cambodia [1] - The gross profit margin slightly improved to 9.69%, an increase of 0.05 percentage points from the previous year, while the net profit margin decreased to 1.80%, down 0.38 percentage points. The gross profit margin for the engineering contracting business was 9.09%, up 0.25 percentage points, while the resource development business saw a decline of 5.36 percentage points to 30.99% due to fluctuations in international commodity prices [1] - The company is actively expanding its overseas market presence, with significant profits from mineral development. It has successfully signed contracts for major projects in Bangladesh and Indonesia, further solidifying its leading position in the global nickel ore smelting sector [1] Financial Forecast - The company is projected to achieve revenues of CNY 678.675 billion, CNY 733.073 billion, and CNY 798.791 billion for the years 2024 to 2026, representing year-on-year growth rates of 7.07%, 8.02%, and 8.96%, respectively. The net profit attributable to shareholders is expected to be CNY 9.378 billion, CNY 10.209 billion, and CNY 11.180 billion for the same period, with growth rates of 8.16%, 8.86%, and 9.51% [2]