2023年年报及2024年一季报点评：业绩底部明确，新产品有望贡献新增长极

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 1.656 billion yuan in 2023, a year-on-year increase of 2.3%, but the net profit attributable to shareholders was 38.13 million yuan, a decrease of 74.8% year-on-year [1] - The sale of a subsidiary has impacted overall performance, while new products such as oil filters and green building insulation materials are expected to contribute to future growth [1] - The company is positioned as a leader in the filtration materials sector in China, with a mid-term operational bottom expected to rise, and new products gradually entering a growth phase [1] Summary by Relevant Sections Financial Performance - In Q4 2023 and Q1 2024, the company achieved revenues of 390 million yuan and 340 million yuan, respectively, with year-on-year declines of 7.1% and 9.9% [1] - The clean air segment generated 980 million yuan in revenue in 2023, a decrease of 3.6%, while the efficient energy segment saw a revenue increase of 13.3% to 650 million yuan [1] - The overall gross margin for 2023 was 21.9%, down 3.9 percentage points year-on-year, with a gross margin of 21.2% in Q1 2024, an increase of 8.4 percentage points from Q4 2023 [1] Cash Flow and Financial Health - The net cash flow from operating activities for 2023 was 1.66 million yuan, a significant decline of 99.4% year-on-year, primarily due to an increase in the proportion of transactions settled via bills [1] - The company's asset-liability ratio improved to 26.8% by the end of 2023, a decrease of 7.7 percentage points year-on-year [1] Future Outlook - The sale of 70% of the subsidiary Suzhou Youyuan is expected to enhance profit margins and cash flow, despite short-term revenue impacts [1] - Collaborations with partners are anticipated to facilitate expansion into new applications and markets, contributing to long-term growth [1] - The net profit forecasts for 2024 and 2025 have been adjusted to 120 million yuan and 150 million yuan, respectively, with a new forecast for 2026 set at 190 million yuan [1]