供暖面积稳步增大，持续布局氢能+储能

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth and profit increases over the next few years [1][3]. Core Insights - In 2023, the company's revenue was 3.41 billion, a year-on-year decrease of 1.1%, and the net profit attributable to shareholders was 860 million, down 9.1% year-on-year. The fourth quarter of 2023 saw a revenue of 1.23 billion, with a quarter-on-quarter increase of 6.6% and a year-on-year increase of 270.7%. The net profit for the same quarter was 210 million, with a quarter-on-quarter decrease of 34.4% but a year-on-year increase of 250.2% [1]. - For Q1 2024, the company reported a revenue of 1.72 billion, with a quarter-on-quarter increase of 3.7% and a year-on-year increase of 39.9%. The net profit was 560 million, showing a quarter-on-quarter decrease of 18.1% but a year-on-year increase of 174.0%. The short-term profit pressure is attributed to fluctuations in the real estate market and increased costs in engineering and media resource usage [1]. - The company has a stable heating area growth, with an average heating area of approximately 74.4 million square meters and a connected area of about 104.63 million square meters as of 2023, reflecting increases of 2.14 million and 5.84 million square meters year-on-year, respectively [1]. - The company is actively pursuing hydrogen energy and energy storage initiatives, with a cash reserve of 8 billion as of Q1 2024, which supports its strategic investments in hydrogen energy [1]. Financial Forecast and Metrics - The company is projected to achieve revenues of 3.60 billion, 3.82 billion, and 4.10 billion for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 930 million, 1.00 billion, and 1.10 billion for the same years, corresponding to P/E ratios of 15, 14, and 12 times [1][6]. - The gross margin and net margin for 2023 were 34.6% and 26.6%, respectively, while for Q1 2024, they improved to 44.7% and 33.8%, despite year-on-year decreases of 9.3 percentage points and 9.9 percentage points [1].