CPEC(600339) 天风证券·2024-04-30 01:30Investment Rating - The report maintains a "Buy" rating for the company [6][13] Core Views - The company achieved revenue of RMB 80.343 billion in 2023, with a net profit attributable to shareholders of RMB 746 million, a year-on-year increase of 3.07% [2] - Overseas market share continues to recover, with "Belt and Road" projects progressing steadily [3] - The company secured a significant contract worth approximately RMB 9.997 billion with Saudi Aramco, marking the largest oil and gas EPC contract obtained by a Chinese company in the Saudi market [5] - The company's 2024 Q1 revenue reached RMB 14.733 billion, with a net profit attributable to shareholders of RMB 242 million, a year-on-year increase of 16.74% [11] Financial Performance - The company's gross profit margin for its main business was 8.08% in 2023, an increase of 0.39 percentage points year-on-year [2] - Overseas business revenue in 2023 was RMB 23.567 billion, a year-on-year increase of 9.55%, with new overseas contracts amounting to RMB 36.5 billion, accounting for 33.38% of the total market share [5] - The company's total new contract value in 2023 was RMB 109.342 billion, a year-on-year increase of 14.25%, with high-end business contracts accounting for 8.56% of the total [11] Market Expansion - The company successfully entered the Saudi Aramco market, securing a nearly RMB 10 billion contract [11] - Key projects in Iraq, Niger, Bangladesh, and Algeria are progressing as planned, with some projects achieving mechanical completion ahead of schedule [5] Financial Forecasts - The report adjusts the forecast for net profit attributable to shareholders in 2024 and 2025 to RMB 857 million and RMB 1.021 billion, respectively, and introduces a 2026 forecast of RMB 1.161 billion [6] - The company's PE ratio is expected to be 22.09x, 18.55x, and 16.30x for 2024, 2025, and 2026, respectively [6] Operational Highlights - The company's subsidiary, China Petroleum Engineering Construction Co., signed a fixed-price EPC contract with Saudi Aramco for the Saudi National Gas Pipeline Expansion Phase III project [5] - The company's "dual-carbon and three-new" business achieved new contract value of RMB 16.821 billion in 2023, a year-on-year increase of 46.80% [11]