ELHT(600133) 财通证券·2024-07-05 02:22Investment Rating - Investment rating: Maintain "Accumulate" [20] Core Views - The company is shifting its development strategy to focus on digital technology, establishing a wholly-owned subsidiary with an investment of RMB 2 billion to enhance its digital business capabilities [15][13] - The company has divested its engineering construction segment, concentrating resources on environmental technology and park operations, which are expected to drive future growth [14] - The environmental technology segment achieved record revenue and profit in 2023, while the industrial park operations faced challenges but are set to improve through a comprehensive operational model [14] Financial Performance Summary - Revenue for 2023 is projected at RMB 14,673 million, with a growth rate of 4.91%, followed by a significant decline of 70.78% in 2024 [12] - Net profit for 2023 is expected to reach RMB 1,079 million, with a growth rate of 86.52%, but is projected to drop to RMB 297 million in 2024, reflecting a decrease of 72.44% [12] - Earnings per share (EPS) for 2024 is estimated at RMB 0.28, with a price-to-earnings (PE) ratio of 34.84 [12] Business Strategy and Future Outlook - The company aims to leverage the digital economy's potential, aligning with national strategies to enhance digital technology integration with the real economy [15] - The environmental technology sector is expected to expand into energy-saving fields, while the industrial park operations will focus on resource integration and investment management [14] - The company anticipates a gradual recovery in net profit growth from 2024 to 2026, with projections of RMB 297 million, RMB 303 million, and RMB 333 million respectively [15]