Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Insights - The company is expected to achieve steady growth in profitability, driven by energy-saving and carbon-reduction initiatives that boost downstream demand [1]. - The company is a national high-tech enterprise specializing in the research, design, manufacturing, and sales of enhanced heat transfer technology and efficient heat exchange equipment [7]. - The anticipated revenue for 2024 is 540.51 million yuan, reflecting a year-on-year growth of 3.08%, while the net profit attributable to the parent company is projected to be 154.23 million yuan, a year-on-year increase of 22.76% [7]. - The company is positioned to benefit from government policies promoting energy efficiency and carbon reduction in industrial sectors, with significant investments expected in equipment upgrades [7]. Financial Performance Forecast - Revenue is projected to grow from 524.38 million yuan in 2023 to 782.00 million yuan in 2026, with growth rates of 10.14%, 3.08%, 21.74%, and 18.84% respectively [2][9]. - Net profit attributable to the parent company is forecasted to increase from 125.64 million yuan in 2023 to 202.56 million yuan in 2026, with growth rates of -4.28%, 22.76%, 11.54%, and 17.75% respectively [2][9]. - The diluted EPS is expected to rise from 1.17 yuan in 2023 to 1.88 yuan in 2026, with corresponding P/E ratios decreasing from 20.09 to 12.46 [2][9]. Market Position and Opportunities - The company’s products are well-suited to meet the increasing demand for efficient heat exchange in the refining and petrochemical industries, driven by the need for energy efficiency and reduced emissions [7]. - The report highlights the potential for the company to become a leading supplier of enhanced heat transfer technology products globally, focusing on R&D and market expansion [7].
广厦环能：点评报告：盈利同比稳增长，节能降碳推动下游需求