业绩稳健增长，数据要素重塑价值

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Insights - The company achieved steady growth in 2023, with revenue of 74.193 billion yuan, an increase of 2.62% year-on-year, and a net profit attributable to shareholders of 2.939 billion yuan, up 2.92% year-on-year [1] - The new contract value for energy engineering saw significant growth, with a total of 95.38 billion yuan in new orders, representing a year-on-year increase of 14.11% [1] - The company is optimizing its industrial structure and has made strategic acquisitions to enhance its water infrastructure segment, which has been recognized by the market [1] Financial Performance Summary - Revenue by segment in 2023: - Construction business: 61.36 billion yuan, up 3.11% - Infrastructure operation: 5.972 billion yuan, up 20.85% - Digital information: 317 million yuan, up 2.07% - Design services: 2.565 billion yuan, down 3.85% - Investment business: 2.863 billion yuan, down 22.92% - Mechanical processing and manufacturing: 292 million yuan, down 22.65% - Financing leasing: 432 million yuan, down 6.50% [1] - The gross profit margin for the company in 2023 was 10.28%, a decrease of 2.69 percentage points year-on-year [1] - The company’s operating cash flow was 3.178 billion yuan, a decrease of 21.45% year-on-year, while investment cash flow was -1.738 billion yuan, a decrease of 41.85% year-on-year [1] Future Projections - Expected revenue for 2024-2026: - 2024: 80.226 billion yuan, growth of 8.13% - 2025: 88.041 billion yuan, growth of 9.74% - 2026: 98.001 billion yuan, growth of 11.31% [1] - Projected net profit for the same period: - 2024: 3.181 billion yuan, growth of 8.25% - 2025: 3.462 billion yuan, growth of 8.82% - 2026: 3.787 billion yuan, growth of 9.40% [1]