冷热产业链完善，新兴业务持续拓展

Investment Rating - Buy rating maintained for the company [2] Core Views - The company has a well-established cold and heat industry chain and continues to expand into emerging business areas [2] - Significant emphasis on R&D investment to explore new market opportunities [6] - Continuous expansion in industrial and commercial refrigeration, with effective synergy among Songyang-affiliated companies [6] Financial Performance - In 2023, the company achieved revenue of 4,816 million yuan (+66.46% YoY) and net profit attributable to the parent company of 49 million yuan (+163.59% YoY) [10] - In Q1 2024, the company achieved revenue of 1,160 million yuan (+8.18% YoY) and net profit attributable to the parent company of 29 million yuan (+15.23% YoY) [10] - R&D expenses in 2023 totaled 164 million yuan, accounting for 3.41% of revenue, with Q1 2024 R&D expenses at 37 million yuan (3.18% of revenue) [11] Business Development - The company focuses on independent R&D and joint ventures to develop energy-efficient, environmentally friendly, and intelligent cold and heat technologies [11] - In 2023, the company strengthened its industrial refrigeration capabilities, approaching the technical level of international competitors and surpassing them in some areas [11] - The company signed multiple projects with industry giants such as BASF, Covestro, PetroChina, and Sinopec [11] - Songyang-affiliated companies achieved effective synergy, with Songyang Compressor receiving multiple recognitions and focusing on the industrial energy-saving market [11] Market Outlook and Forecast - Domestic cold chain demand is expected to continue growing, but industrial demand in sectors like chemicals remains weak [12] - Adjusted revenue forecasts for 2024-2026 are 5,441/6,199/7,102 million yuan, with net profit attributable to the parent company forecasted at 123/180/244 million yuan [12] - The company's current PE ratio is 29/20/14 times for 2024-2026 [12] Financial Ratios and Metrics - Gross margin for 2023 was 16.83%, with forecasts of 16.53%/17.03%/17.73% for 2024-2026 [13] - ROE for 2023 was 1.63%, with forecasts of 3.96%/5.56%/7.17% for 2024-2026 [13] - EPS for 2023 was 0.06 yuan, with forecasts of 0.15/0.21/0.29 yuan for 2024-2026 [13]