毛利率小幅上升，现金流表现良好。公司2023 年综合毛利率为12.64%，同比增加1.77pct，分行业看，勘察设计及咨询业务和投资运营业务毛利率较高，分别达39.41%和35.26%，分别同比下降2.11pct 和上升9.93pct，工程建设业务毛利率为7.85%，同比增长0.20pct，工业制造业务毛利率为16.93%，同比下降0.77pct。2023 年公司销售费用总计19.00 亿元，较上年同期增加2.13 亿元，增长12.63%，主要系加大市场开发，签约及业务规模扩大，相关营销费用增加所致，管理费用同比增长7.51%，主要系业务规模扩大，相关管理成本增加所致，财务费用同比增加1.40%，主要系于业务规模扩大，融资需求增加所致。2023 年公司经营性现金流净流入94.86 亿元，同比增加10.8%，现金流表现良好，主要原因是业务规模扩大，回款情况良好。Event: The company released its 2023 annual report.
Steady growth in performance, diversified development at home and abroad. In 2023, the company achieved operating income of 406.032 billion yuan, a year-on-year increase of 10.82%, net profit to mother of 7.986 billion yuan, an increase of 2.07% year-on-year, and net profit after deducting 7.163 billion yuan, an increase of 25.19% over the previous year. The company signed a new contract amount of RMB 1,283.73 billion throughout the year, an increase of 22.4% over the previous year. The amount of new contracts signed exceeded trillion yuan for three consecutive years and continued to grow. The company achieved a year-on-year increase of RMB 1,003 billion, an increase of 23.9%; the amount of new contracts signed overseas was RMB 280.73 billion, an increase of 17.1% year on year; survey, design and consulting, new energy, traditional energy, urban construction, industrial manufacturing businesses, etc. increased by 50.0%, 26.1%, 7.5%, 31.1% and 44.7% year on year.
Among them, the “Belt and Road” market signed a new contract amount of RMB 267.38 billion, an increase of 62.0% over the previous year.
Gross margin rose slightly, and cash flow performed well. The company's comprehensive gross margin in 2023 was 12.64%, up 1.77pct year on year. By industry, the gross margin of the survey, design and consulting business and investment and operation business was high, reaching 39.41% and 35.26% respectively, down 2.11pct and 9.93pct, respectively. The gross margin of the engineering construction business was 7.85%, up 0.20pct year on year, and the gross margin of the industrial manufacturing business was 16.93%, down 0.77pct year on year. The total sales expenses of the company in 2023 were 1.90 billion yuan, an increase of 213 million yuan over the same period last year, an increase of 12.63%, mainly due to increased market development, contract and business scale expansion, and related marketing expenses. Management expenses increased 7.51% year on year, mainly due to the expansion of business scale and increase in related management costs. Financial expenses increased 1.40% year on year, mainly due to the expansion of business scale and increased financing needs. In 2023, the company's net operating cash flow inflow was 9.486 billion yuan, an increase of 10.8% over the previous year. The cash flow performance was good, mainly due to the expansion of business scale and good repayment conditions.
Further promote energy transformation and accelerate the new energy business to lead the way. Focusing closely on the core development concept of “innovation, green, digital intelligence, integration”, the company achieved a 14.5% year-on-year increase in the new energy business contract amount and a 38.41% year-on-year increase in revenue; added a new wind energy development target of 20.97 million kilowatts; obtained more than 50 new energy storage and hydrogen energy projects, with a total installed capacity of more than 5.5 million kilowatts, and signed the “14th Five-Year Plan” with an installed capacity of more than 16 million kilowatts of pumped energy storage. By the end of 2023, the company held an installed capacity of 9.511 million kilowatts of new energy, nearly doubling the installed capacity compared to the end of 2022. The new energy business development momentum was strong. The overall revenue of the new energy and integrated smart energy business increased by 58.82%, and the gross margin reached 47.37%.
Investment advice: The company's 2024-2026 revenue is expected to be 448.206 billion yuan, 508.557 billion yuan and 569.085 billion yuan respectively, up 10.39%, 13.46%, and 11.90% year on year, net profit to mother is 8.957 billion yuan, 10.02 billion yuan and 11.160 billion yuan respectively, up 12.16%, 11.67%, 11.57% year-on-year respectively, and EPS is 0.21 yuan/share, 0.24 yuan/share, 0.27 yuan/share, corresponding to the current stock price PE was 10.15 times, 9.09 times, and 8.14 times, respectively, maintaining the “recommended” rating.
Risk warning: Risk of order fulfillment falling short of expectations; risk of accounts receivable recovery falling short of expectations.
