光伏盈利稳健，生物质项目拟退出

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company reported a revenue of 2.99 billion RMB in 2023, a year-on-year increase of 3.5%, but the net profit attributable to shareholders dropped to 310 million RMB, a decline of 43.9%, primarily due to losses in the biomass power generation business [2][3]. - The company plans to gradually exit the biomass power generation business, which has been a significant drag on performance [3]. - The photovoltaic business showed growth, with a total installed capacity of 51.7 GW added in 2023, including 50.6 GW from distributed commercial photovoltaic systems, leading to a revenue increase of 20.7% in this segment [3]. Summary by Sections Performance Overview - In 2023, the company achieved a revenue of 2.99 billion RMB, up 3.5% year-on-year, while the net profit attributable to shareholders fell to 310 million RMB, down 43.9% [2][7]. - The decline in profit was mainly attributed to the underperformance of the biomass power generation business [2]. Business Analysis - The biomass power generation segment faced significant challenges, including production halts for maintenance, subsidy delays, and high fuel prices, leading to a revenue drop of 39.6% in the comprehensive resource utilization business [3]. - The photovoltaic segment saw a rise in average electricity prices to 0.76 RMB/kWh, an increase of 0.05 RMB, driven by a decrease in component costs and effective project selection [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 610 million RMB, 810 million RMB, and 1 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.16, 0.21, and 0.26 RMB [4][7]. - The projected P/E ratios for these years are 31x, 24x, and 19x, respectively [4].