盾安环境2023年报及24Q1季报点评：扣非显著增长，结构逐步改善

Investment Rating - The investment rating for the company is "Buy" with a target price of 20.37 CNY, maintaining the previous rating of "Buy" [2][28]. Core Views - The company's performance in 2023 met expectations, with a revenue of 11.38 billion CNY, a year-on-year increase of 11.5%, and a net profit attributable to shareholders of 738 million CNY, a year-on-year decrease of 11.5% [12][28]. - The revenue structure is gradually improving, and profitability has increased, with a notable rise in operating cash flow quarter by quarter [12][20]. - The automotive thermal management business has started to ramp up, while traditional businesses have shown steady growth [13][16]. Summary by Sections 1. Performance Overview - In 2023, the company achieved a revenue of 113.82 billion CNY, with a net profit of 7.38 billion CNY, and a significant increase in net profit after excluding non-recurring items [12][28]. - The fourth quarter of 2023 saw a revenue of 29.37 billion CNY, a year-on-year increase of 1.43%, and a net profit of 1.98 billion CNY, a year-on-year increase of 43.11% [12]. 2. Revenue Analysis - The company experienced steady growth in 2023, with the automotive thermal management business growing by 137%, while traditional businesses also showed resilience [13][14]. - In the first quarter of 2024, revenue was 26.26 billion CNY, a year-on-year increase of 7.3% [12][15]. 3. Profitability Analysis - The gross margin for 2023 was 19.19%, an increase of 2.34 percentage points year-on-year, while the net margin was 6.43%, a decrease of 1.7 percentage points [16][18]. - The company is expected to maintain a positive long-term profitability trend despite short-term pricing pressures [16][18]. 4. Cash Flow Improvement - The company reported a net cash flow from operating activities of 8.12 billion CNY in 2023, with a significant improvement in cash flow in the fourth quarter [20]. - The cash and cash equivalents at the end of 2023 were 30.26 billion CNY, an increase of 85.57% year-on-year [20]. 5. Dividend Outlook - The company is expected to resume dividend payments in 2024, with a commitment to maintain a stable dividend policy [22][28]. 6. Investment Recommendations - The report maintains the profit forecast for 2024-2025 and introduces a new forecast for 2026, with expected net profits of 9.36 billion CNY, 11.20 billion CNY, and 13.01 billion CNY respectively [28].