盈利能力持续提升，加速突破低碳能源产业

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company's profitability continues to improve, with a focus on accelerating breakthroughs in the low-carbon energy industry [2]. - The company is expected to benefit from the future industry explosion, although there has been a significant downward adjustment in profit forecasts due to a slowdown in downstream chemical demand since the fourth quarter of last year. The revenue forecasts for 2024-2026 are adjusted to 7.92 billion, 8.81 billion, and 9.85 billion yuan, respectively, with net profit estimates of 689 million, 788 million, and 897 million yuan [5]. Financial Performance - In 2023, the company achieved a total revenue of 7.496 billion yuan, representing a year-on-year increase of 22.86%. The net profit attributable to the parent company was 655 million yuan, up 53.73% [10]. - The gross margin for 2023 was 25.56%, an increase of 2.14 percentage points, while the net margin was 8.87%, up 2.45 percentage points [10]. - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 76 million yuan [10]. Market Position and Growth Potential - The company has a strong competitive position in the industrial refrigeration and compression sectors, with a significant increase in revenue contribution from industrial product sales, rising from 79.64% in 2022 to 87.08% in 2023 [10]. - The cold chain industry remains robust, with ongoing projects in cold chain logistics and increasing demand in the pre-prepared food sector expected to drive growth [10]. - The company is well-positioned to enhance its revenue and profit from overseas markets, with its products maintaining higher gross margins compared to domestic sales [10]. Future Outlook - The gradual implementation of large-scale equipment update policies is expected to positively impact the industry [11]. - The company is actively developing key technologies and equipment for low-carbon energy systems, which aligns with industry trends and government policies [10].