Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2][11]. Core Views - The company reported a revenue of 576 million yuan in 2023, a decrease of 27.03% year-on-year, and a net profit attributable to shareholders of 101 million yuan, down 11.97% year-on-year [11]. - The fourth quarter of 2023 showed significant improvement, with a revenue of 225 million yuan, a decrease of 24.50% year-on-year, but a net profit of 78 million yuan, an increase of 74.03% year-on-year [11]. - The company is expanding its application scenarios in the industrial sector, particularly in lithium battery materials, and has developed high-temperature water source heat pump technology that can significantly reduce energy costs [11]. - A strategic cooperation agreement was signed with Shanghai Urban Investment Water Development to accelerate innovation and transformation in green low-carbon technology [11]. - The earnings per share (EPS) for 2023, 2024, and 2025 are projected to be 0.69, 0.52, and 0.69 yuan respectively, with a target price of 12.48 yuan per share based on a PE ratio of 24.0 for 2024 [11]. Financial Summary - The company achieved total revenue of 576 million yuan in 2023, with a growth rate of -27.0% [4]. - The net profit attributable to shareholders was 101 million yuan, reflecting a growth rate of -12.0% [4]. - The earnings per share for 2023 was reported at 0.69 yuan, with a PE ratio of 16 [4][11]. - The company’s total assets are projected to be 1,508 million yuan in 2023, with a total liability of 232 million yuan [14].
2023年业绩快报点评：工业领域应用值期待，节能降碳业务献增量