Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company reported a net profit of 52 million yuan for 2023, with a revenue of 267 million yuan, reflecting an 11.81% increase year-on-year [2] - The company is expected to benefit from the promotion of heating policies, maintaining steady growth, and the forecasted net profits for 2023-2025 are adjusted to 61 million (previously 63 million), 72 million, and 80 million yuan respectively [2][3] - The company has a leading market share in ultrasonic heat meters and provides integrated hardware and software solutions for smart heating [3] Financial Summary - The company achieved a revenue of 267 million yuan in 2023, with a year-on-year growth of 11.8% [15] - The projected earnings per share (EPS) for 2023, 2024, and 2025 are 1.01, 1.17, and 1.32 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 14.6, 12.6, and 11.2 [15] - The company’s total market capitalization is 9.16 billion yuan, with a circulating market value of 2.29 billion yuan [12] Industry Insights - As of the end of 2023, the total heating area in northern China is 24.5 billion square meters, with a focus on the green and low-carbon transformation of the heating industry [3] - Local policies in regions like Beijing and Inner Mongolia are exploring the promotion of new smart heating models, indicating a supportive environment for the company's growth [3] - The company’s water meter division, established in 2018, reported a revenue of 71.17 million yuan in 2022, marking a 49.6% increase year-on-year, and its products are certified to the highest EU standards, enabling access to international markets [4]
北交所信息更新：智慧供热、供热计量改革大蓝海市场