20240129-国联证券-中国电建-601669.SH-能源电力新签动能强劲_受益水利投资景气向上_3页_283kb

报告摘要

Company reported strong performance for 2023, with total new contract signings reaching 11,428 billion yuan, representing a 13% year-over-year increase. December 2023 saw a significant surge, with new signings of 1,698 billion yuan, up 123% YoY.
Energy power segment led the growth, accounting for 6,168 billion yuan in new contracts, increase of 362% YoY, while other segments faced pressure with declines of -124% for water resources and environment, and -58% for infrastructure. Month-over-month data highlights accelerated growth in December.
Government policy shift: A 1 trillion yuan bond issuance announced on October 25, 2023, prioritizes water conservancy investments, focusing on flood control, disaster recovery, and other areas, which is expected to boost the hydropower investment landscape in 2024.
Financial outlook: Based on projections, company revenue is forecasted to grow steadily from 6,295 billion yuan in 2023 to 8,067 billion yuan by 2025, with profit margins improving due to enhanced operational efficiency.

Securities analysts recommend a "Buy" rating with a target price of 833 yuan for 2024. Key financial metrics include: 2023E EPS at 0.73 yuan, 2024E target PE of 10x.
Benefits from hydropower investment stimulus and potential improvements in power operations.

Potential risks include delayed project execution, lower-than-expected investment, asset impairment issues, and slower-than-anticipated expansion in renewable energy.

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