Investment Rating - The investment rating for the company is "Accumulate" [7][66]. Core Views - The company has shown a slight decline in revenue and net profit for 2023, with total revenue of 602 million yuan, down 1.87% year-on-year, and a net profit of 51.94 million yuan, down 13.96% year-on-year. However, the first quarter of 2024 shows a revenue increase of 2.83% year-on-year [3][29]. - The energy management system contributed 43% to the company's revenue in 2023, with a gross margin of 46%, indicating strong performance in this segment. The electric vehicle charging systems accounted for 31% of revenue with a gross margin of 25% [8][29]. - The company is expected to achieve net profits of 61 million yuan, 66 million yuan, and 72 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.76 yuan, 0.82 yuan, and 0.90 yuan [45][66]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 602 million yuan, a decrease of 1.87% year-on-year, and a net profit of 51.94 million yuan, down 13.96% year-on-year. The first quarter of 2024 saw a revenue of 76 million yuan, an increase of 2.83% year-on-year [3][29]. - The projected net profits for 2024-2026 are 61 million yuan, 66 million yuan, and 72 million yuan, with EPS estimates of 0.76 yuan, 0.82 yuan, and 0.90 yuan respectively [45][66]. Product and Market Position - The company primarily provides energy IoT products and digital solutions for large buildings and industrial parks. Its main products include energy management systems, electric vehicle charging equipment, and smart power meters [8][28]. - The SmartME energy and facility IoT platform integrates energy/carbon emission analysis and smart operation management, which is applicable in various sectors such as large buildings, data centers, and hospitals [4][61]. ESG and Sustainability - The company’s energy management systems support carbon emission analysis and assist in ESG construction, aligning with the new sustainable development reporting guidelines issued by the exchanges [4][60]. - The company has received multiple awards for its energy management systems, indicating recognition in the field of energy efficiency and innovation [4][61].
派诺科技：北交所信息更新：国内ESG建设进入新阶段，能管系统助力业主节能增效