2023A2024Q1点评：业绩高增，与紫金合作持续深化

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Insights - The company achieved a significant increase in net profit attributable to shareholders, with a year-on-year growth of 36.4% in 2023, driven by industry policy support and enhanced brand effect [11][21]. - In Q1 2024, the company reported a non-recurring net profit of 0.16 billion yuan, reflecting a year-on-year increase of 43.4%, suggesting that profit growth outpaced revenue growth due to a higher proportion of revenue from high-margin operational services and product sales [5][10]. - The company completed the acquisition of a 61% stake in Zijin Pharmaceutical, which is expected to synergize with its metal resource recovery business and facilitate overseas market expansion [5][21]. Financial Performance Summary - In 2023, the company achieved total revenue of 8.08 billion yuan, a year-on-year increase of 47.47%, and a net profit of 0.90 billion yuan, up 36.39% [10][11]. - The revenue for Q4 2023 was 4.08 billion yuan, representing an impressive year-on-year growth of 87.58%, with net profit increasing by 116.15% [10]. - The company’s operational cash flow net amount was 0.67 billion yuan in 2023, marking a year-on-year increase of 155.8% [11]. Business Structure and Growth Drivers - The comprehensive solutions and product sales segments were key growth drivers, with comprehensive solutions revenue increasing by 88.0% to 4.60 billion yuan in 2023 [11]. - The company’s operational service revenue slightly decreased by 1.0% to 1.93 billion yuan due to the non-renewal of a contract for a specific project [11]. - The partnership with Zijin Mining is deepening, with expected transaction amounts reaching 4.5 billion yuan in 2024, a 60.2% increase from 2023 [21].