CEO(SH:688335) Minsheng Securities·2024-03-27 16:00Investment Rating - The report maintains a "Cautious Recommendation" rating for the company with a target price of 11.52 CNY per share, based on a PE of 24.0 for 2024 [11][10]. Core Insights - The company reported a revenue of 576 million CNY in 2023, a decrease of 27.03% year-on-year, and a net profit attributable to shareholders of 100 million CNY, down 13.39% year-on-year [10][2]. - The fourth quarter of 2023 showed a revenue of 225 million CNY, a decline of 24.50% year-on-year, but a significant increase in net profit by 69.81% year-on-year, attributed to a one-time revenue recognition from an old project [10][2]. - The company is expanding its industrial applications, particularly in coal chemical and lithium battery sectors, with projects that enhance resource utilization and improve water resource recovery rates by 15-20% [10][2]. - The company is actively pursuing energy-saving and low-carbon transformation initiatives, with a focus on high-temperature water source heat pump technology and a growing portfolio in carbon neutrality services [10][2]. Financial Summary - The company's total revenue for 2023 was 576 million CNY, with a projected revenue of 394 million CNY for 2024 and 465 million CNY for 2025 [6]. - The net profit for 2023 was 100 million CNY, with forecasts of 71 million CNY for 2024 and 87 million CNY for 2025 [6]. - The earnings per share (EPS) for 2023 was 0.68 CNY, with projections of 0.48 CNY for 2024 and 0.59 CNY for 2025 [6][10].