CNCEC(601117) 国海证券·2024-05-02 02:30Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's operating performance showed steady growth, with a significant increase in overseas new contracts [2] - The company achieved a revenue of 1791.96 billion yuan in 2023, a year-on-year increase of 13.10%, and a net profit attributable to shareholders of 5.426 billion yuan, a year-on-year increase of 0.20% [3] - The company's overseas new contract value in 2023 reached 100.606 billion yuan, a year-on-year increase of 165.48% [7] - The company's total order backlog at the end of 2023 was 407.601 billion yuan, with new contracts signed in 2023 amounting to 326.751 billion yuan, a year-on-year increase of 10.05% [7] Financial Performance - In 2023, the company's chemical engineering business achieved revenue of 142.373 billion yuan, a year-on-year increase of 20.35%, with a gross profit margin of 9.87% [5] - The infrastructure business achieved revenue of 21.994 billion yuan, a year-on-year decrease of 1.84%, with a gross profit margin of 7.09% [5] - The environmental governance business achieved revenue of 2.842 billion yuan, a year-on-year decrease of 18.90%, with a gross profit margin of 11.35% [5] - The industrial and new materials business achieved revenue of 7.715 billion yuan, a year-on-year increase of 4.75%, with a gross profit margin of 8.07% [5] - The modern services business achieved revenue of 2.989 billion yuan, a year-on-year decrease of 47.34%, with a gross profit margin of 9.01% [5] Regional Performance - In 2023, the company's domestic revenue was 142.382 billion yuan, accounting for 80.03% of total revenue, with a gross profit margin of 9.47% [5] - Overseas revenue was 35.532 billion yuan, accounting for 19.97% of total revenue, with a gross profit margin of 9.41% [5] Operational Highlights - The company's R&D expenses in 2023 were 6.164 billion yuan, a year-on-year increase of 711 million yuan [6] - The net cash flow from operating activities in 2023 was 9.134 billion yuan, a year-on-year increase of 7.634 billion yuan, or 509.09% [6] - The company's total market capitalization as of April 30, 2024, was 421.5535 billion yuan, with a circulating market capitalization of 417.4162 billion yuan [4] Future Outlook - The company is expected to achieve revenues of 197.3 billion yuan, 218.2 billion yuan, and 238.7 billion yuan in 2024, 2025, and 2026, respectively [12] - Net profit attributable to shareholders is expected to be 6.004 billion yuan, 7.009 billion yuan, and 7.810 billion yuan in 2024, 2025, and 2026, respectively [12] - The company's PE ratio is expected to be 7x, 6x, and 5x in 2024, 2025, and 2026, respectively [12] Dividend Policy - The company plans to distribute a cash dividend of 1.78 yuan per 10 shares for the year 2023, totaling 1.087 billion yuan, accounting for 20.04% of the net profit attributable to shareholders [11]