订单获取加速业绩高增，期待灵活性改造空间释放

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.92 CNY per share, indicating an expected performance that exceeds the market by more than 15% over the next 12 months [3][14]. Core Insights - The company achieved a significant growth in net profit, with a 48% year-on-year increase, and a total revenue of 1.029 billion CNY in 2023, reflecting a 35% growth compared to the previous year. This growth is attributed to increased orders in slag removal systems and low-temperature flue gas recovery, alongside an expansion in steel slag business [2][14]. - The low-temperature flue gas recovery segment saw a substantial increase in both volume and price, with sales volume rising by 25% and revenue doubling year-on-year. The gross margin for this segment improved by 6.94 percentage points to 28.6% [2]. - The company has entered the supply chains of five major power groups, positioning itself to benefit from accelerated investments in thermal power infrastructure, which is expected to lead to significant order growth [2]. Financial Summary - The company reported a net profit of 86.68 million CNY in 2023, with a projected net profit of 118 million CNY for 2024, 165 million CNY for 2025, and 213 million CNY for 2026, corresponding to a PE ratio of 18.44, 13.19, and 10.20 respectively [14][45]. - Revenue is expected to grow from 1.348 billion CNY in 2024 to 2.299 billion CNY by 2026, with growth rates of 31% and 29.3% respectively [45]. - The company’s EBITDA is projected to increase from 180 million CNY in 2024 to 297 million CNY in 2026, indicating strong operational performance [45].