公司信息更新报告：2024Q1营收稳健，盈利能力持续提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the market by over 20% [33]. Core Insights - In 2023, the company achieved a revenue of 11.38 billion yuan, representing an increase of 11.5% year-on-year, while the net profit attributable to shareholders was 738 million yuan, a decrease of 11.5%. However, the net profit excluding non-recurring items reached 821 million yuan, marking a significant increase of 78.08% [41][33]. - The company is optimistic about the steady improvement in profitability driven by product structure optimization and cost reduction, alongside the release of orders in the automotive parts business [33][41]. - The revenue for Q4 2023 was 2.94 billion yuan, up 1.43% year-on-year, with a net profit of 198 million yuan, reflecting a 43.11% increase [41][33]. Summary by Sections 1. Revenue and Profitability - The company reported a total revenue of 11.38 billion yuan in 2023, with a year-on-year growth of 11.5%. The net profit attributable to shareholders was 738 million yuan, down 11.5%, while the net profit excluding non-recurring items was 821 million yuan, up 78.08% [41][33]. - For Q4 2023, the revenue was 2.94 billion yuan, an increase of 1.43% year-on-year, and the net profit was 198 million yuan, up 43.11% [41][33]. 2. Business Segments - The company’s revenue from refrigeration parts, refrigeration equipment, and automotive thermal management reached 8.456 billion, 1.646 billion, and 473 million yuan respectively in 2023, with year-on-year growth rates of 8.74%, 10.53%, and 136.54% [19][3]. - The automotive parts business is expected to maintain rapid growth, supported by the gradual fulfillment of orders from Gree, with sales to Gree and its subsidiaries amounting to 2.413 billion yuan, a 46% increase [20][3]. 3. Financial Forecasts - The company has revised its profit forecasts for 2024-2025 upwards, now expecting net profits of 939 million yuan and 1.14 billion yuan for 2024 and 2025 respectively, with corresponding EPS of 0.88 and 1.07 yuan [33][41]. - The projected net profit for 2026 is 1.361 billion yuan, with an EPS of 1.28 yuan, indicating a positive long-term outlook [33][41].