新能源热管理高增长，静待热泵市场回暖

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 1.545 billion yuan in 2023, a year-on-year decrease of 4.28%, while the net profit attributable to the parent company was 216 million yuan, an increase of 2.39% [1] - The HVAC and refrigeration equipment business is under pressure, awaiting a recovery in the European heat pump market. The revenue from this segment was 1.197 billion yuan in 2023, down 14.81% year-on-year, although the gross margin improved by 1 percentage point [1] - The new energy thermal management business experienced significant growth, with sales reaching approximately 310 million yuan in 2023, a year-on-year increase of 81% [1] - The company has completed the acquisition of minority shareholders in its subsidiary, increasing its stake in Rujing Electric Control from 73.33% to 100%, which is expected to enhance profit contributions from the new energy thermal management segment [1] - A stock incentive plan has been announced, proposing to grant up to 2.357794 million restricted shares, accounting for 2.50% of the company's total share capital [1] - Revenue forecasts for 2024-2026 are projected at 1.87 billion, 2.35 billion, and 2.81 billion yuan, respectively, with year-on-year growth rates of 21%, 26%, and 20% [1] Financial Summary - In 2023, the company achieved total revenue of 1.545 billion yuan, with a year-on-year change of -4.3% [9] - The net profit attributable to the parent company for 2023 was 216 million yuan, reflecting a year-on-year increase of 2.4% [9] - The gross margin for 2023 was reported at 25.1% [9] - The projected earnings per share (EPS) for 2024-2026 are 2.29, 2.85, and 3.69 yuan, respectively [9] - The price-to-earnings (P/E) ratios for 2024 and 2025 are estimated at 21 and 16 times, respectively [1]