再升科技（603601）：24可比收入增长佳，盈利能力迎修复

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 4.04 RMB [7][8]. Core Views - The company achieved a revenue of 1.476 billion RMB in 2024, a year-on-year decrease of 10.87%, while the net profit attributable to the parent company was 90.75 million RMB, reflecting a significant year-on-year increase of 137.99% [1]. - The decline in revenue is primarily attributed to the exclusion of Youyuan Environment from the consolidated scope, but on a comparable basis, revenue actually increased by 11.53% year-on-year [1]. - The company is actively expanding into new markets and applications, with a focus on innovation and product development, which is expected to sustain demand in emerging sectors and home decoration consumption [1][2]. Summary by Sections Revenue and Profitability - In 2024, the clean air business and energy-efficient business generated revenues of 666.5 million RMB and 776 million RMB, respectively, with a year-on-year change of -32.04% and +19.11% [2]. - The first quarter of 2025 saw revenues of 324 million RMB, a decrease of 4.59% year-on-year, while net profit was 33.56 million RMB, an increase of 3.69% year-on-year [1]. Cost Management and Cash Flow - The comprehensive gross margin for 2024 was 21.96%, a slight increase of 0.04 percentage points year-on-year, with the clean air and energy-efficient business gross margins at 31.99% and 13.74%, respectively [3]. - The operating cash flow for 2024 was 224 million RMB, a significant increase of 222 million RMB year-on-year, primarily due to the collection of receivables [3]. Profit Forecast and Valuation - The company’s earnings per share (EPS) forecasts for 2025, 2026, and 2027 are 0.13 RMB, 0.17 RMB, and 0.19 RMB, respectively, indicating a compound annual growth rate (CAGR) of 28.3% from 2025 to 2027 [4]. - The target price is set at 4.04 RMB, based on a PEG ratio of 1.1x for 2025, reflecting the ongoing business transformation and associated uncertainties [4].