危废业务营收稳增，清洁能源设备有望放量

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 4.14 CNY per share based on a 2024 PE of 18 times [4][11]. Core Views - The company achieved a revenue of 18.95 billion CNY in 2023, representing a year-on-year increase of 12.9%, while the net profit attributable to shareholders was 1.026 billion CNY, down 30.1% year-on-year [2][3]. - The company's operating cash flow increased significantly by 209% year-on-year to 1.28 billion CNY, primarily due to increased collections and net cash flow from hedging [2]. - The hazardous waste resource recovery business showed steady growth, with revenue reaching 18 billion CNY in 2023, up 13.5% year-on-year, and the company expects to benefit from rising metal prices and increased capacity utilization [2][8]. - The nuclear power equipment sales are anticipated to grow rapidly due to accelerated approvals for nuclear power units, with new contracts signed totaling 1.23 billion CNY in 2023 [2][8]. Summary by Sections Revenue and Profitability - The company reported a revenue of 18.95 billion CNY in 2023, with a growth rate of 12.9% compared to the previous year [3][9]. - The gross profit margin decreased to 13.0%, down 4.4 percentage points year-on-year, while the net profit margin fell to 5.4%, down 3.3 percentage points [2][3]. - The forecast for net profit attributable to shareholders for 2024-2026 is 1.206 billion CNY, 1.383 billion CNY, and 1.536 billion CNY, respectively [11][12]. Business Segments - The hazardous waste business generated 18 billion CNY in revenue in 2023, with a gross profit of 2.07 billion CNY, and the company sold 217,700 tons of resource recovery products, an increase of 18.4% year-on-year [2][8]. - The clean energy equipment segment is expected to see a compound annual growth rate of 20% from 2024 to 2026, with a gross margin maintained at 40% [8][11]. - The oil extraction business is projected to have stable revenue growth of 0% with a gross margin of -10% for 2024-2026 [8]. Financial Metrics - The company’s EBITDA for 2023 was 1.61 billion CNY, with a forecasted EBITDA of 1.514 billion CNY for 2024 [3][11]. - The PE ratio for 2023 was 17.89, with projections of 14.53 for 2024 and 12.67 for 2025 [3][12]. - The return on equity (ROE) for 2023 was 9.4%, with expectations of 9.9% in 2024 [3][11].