节能基本盘稳健，受累生物质项目

Investment Rating - The investment rating for the company is "Buy" with a current price of 4.82 CNY and a reasonable value of 5.35 CNY [2]. Core Views - The company reported a revenue of 2.99 billion CNY in 2023, with an adjusted year-on-year growth of 3.5%. The net profit attributable to shareholders was 310 million CNY, reflecting a significant adjusted year-on-year decline of 43.9% [1][6]. - The biomass projects are expected to continue impacting the company's operations negatively due to insufficient subsidies, high fuel prices, and maintenance shutdowns in the fourth quarter. The comprehensive resource utilization segment's revenue decreased by 39.6% [1][6]. - The distributed photovoltaic, decentralized wind power, and energy-saving businesses are anticipated to accelerate in development, with planned fixed asset investments of approximately 8 billion CNY in 2024, a significant increase from 3 billion CNY in 2023 [1][6]. - The profit forecast has been adjusted downward for 2024-2026, with net profit estimates of 490 million CNY, 810 million CNY, and 950 million CNY, representing year-on-year growth rates of 57%, 67%, and 17% respectively [1][6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.99 billion CNY, with a year-on-year growth rate of 3.5%. The net profit attributable to shareholders was 310 million CNY, down 43.9% year-on-year [1][5][19]. - The revenue from the comprehensive resource utilization segment fell by 39.6% due to challenges in biomass projects, leading to losses of 280 million CNY and 70 million CNY from specific subsidiaries [1][6][19]. Business Development - The company plans to focus on distributed photovoltaic and decentralized wind power projects, with a projected installed capacity of 800,000 kW in 2024 and a total investment of 8 billion CNY [1][6]. - The energy-saving services, particularly in industrial and building sectors, showed steady growth, with revenues of 1.47 billion CNY and 910 million CNY, respectively, marking year-on-year increases of 23% and 18.3% [1][6]. Profit Forecast - The adjusted net profit forecasts for 2024, 2025, and 2026 are 490 million CNY, 810 million CNY, and 950 million CNY, with corresponding EPS of 0.13 CNY, 0.21 CNY, and 0.25 CNY per share [1][5][16]. - The company aims to exit the loss-making biomass segment by 2024, which is expected to improve profitability in subsequent years [1][6][20].