经营提质增效，盈利持续改善

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 11.04 yuan [10]. Core Insights - In 2023, the company achieved a revenue of 11.38 billion yuan, representing a year-on-year increase of 11.50%. However, the net profit attributable to shareholders decreased by 11.50% to 740 million yuan, while the net profit excluding non-recurring items surged by 78.08% to 820 million yuan [4][5]. - The company is positioned as a leader in the refrigeration components sector, with a clear path for profit improvement through structural upgrades in its home appliance business and expansion into the high-growth new energy vehicle thermal management market [5][8]. - The company’s revenue for Q4 2023 was 2.94 billion yuan, up 1.72% year-on-year, with a net profit of 200 million yuan, reflecting a 44.00% increase [4]. Financial Performance Summary - The company’s revenue is projected to grow from 11.38 billion yuan in 2023 to 17.06 billion yuan by 2026, with annual growth rates of 12.21%, 14.50%, 14.62%, and 14.20% respectively [6]. - The net profit attributable to shareholders is expected to rise from 738 million yuan in 2023 to 1.54 billion yuan in 2026, with growth rates of -12.03%, 34.94%, 25.17%, and 23.57% respectively [6]. - The company’s EBITDA is forecasted to increase from 1.68 billion yuan in 2023 to 1.89 billion yuan in 2026 [6]. Business Segment Performance - The refrigeration parts segment generated 8.46 billion yuan in revenue, up 8.7% year-on-year, while the automotive thermal management segment saw a remarkable growth of 136.5%, reaching 470 million yuan [8]. - The company’s gross margin improved to 19.2% in 2023, an increase of 2.2 percentage points, driven by product innovation and cost reduction efforts [13]. Future Outlook - The company aims to achieve net profits of 1.0 billion yuan in 2024, 1.25 billion yuan in 2025, and 1.54 billion yuan in 2026, with corresponding P/E ratios of 11.8x, 9.4x, and 7.6x [5][6]. - The automotive thermal management business is expected to contribute significantly to revenue growth, supported by strong order backlogs from major domestic manufacturers [8].