Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 154 million yuan in 2024, representing a year-on-year growth of 22.75% [2] - The company maintains a dual-driven development model focusing on import substitution and expansion into foreign markets, which supports its growth prospects [2][3] Financial Summary - The company reported an estimated operating revenue of 540.52 million yuan for 2024, a year-on-year increase of 3.08% [2] - The projected net profit for 2024-2026 is 154 million yuan, 155 million yuan, and 174 million yuan respectively, with corresponding EPS of 1.43 yuan, 1.44 yuan, and 1.61 yuan [2] - The current price-to-earnings (P/E) ratio is projected to be 15.9X for 2024, 15.8X for 2025, and 14.1X for 2026 [2] Industry Insights - The trend of "reducing oil and increasing chemicals" is a significant energy transition in the refining industry, positively impacting the promotion of efficient heat exchangers [3] - The Chinese government has initiated policies to phase out smaller refining units, which is expected to enhance the market for the company's efficient products [3] - The company has established partnerships to develop new high-efficiency heat exchangers for the nuclear power sector, indicating strong growth potential in this area [4]
广厦环能：北交所信息更新：减油增化助力高效换热器推广，预计2024年归母净利润+22.75%