新品新应用放量，聚焦材料业务

Investment Rating - The investment rating for the company is "Buy" and is maintained [15]. Core Views - The company reported a revenue of 1.656 billion in 2023, a year-on-year increase of 2%, while the net profit attributable to shareholders was 40 million, a decrease of 75% [15][16]. - The first quarter of 2024 saw a revenue of 340 million, a year-on-year decrease of 10%, with a net profit of 30 million, down 3% [15][16]. - The company has shifted its focus towards material production, which is expected to enhance profitability and operational quality [18]. Financial Summary - The total revenue for 2023 was 1.656 billion, with a gross profit of 363 million, resulting in a gross margin of 22% [4]. - The net profit for 2023 was 46 million, with an EPS of 0.04 [4][29]. - The company’s cash flow from operating activities was 2 million in 2023, with a net cash flow of -262 million [4]. Business Performance - The clean air segment generated approximately 980 million in revenue, a decline of 4%, while the purification equipment and filter revenue increased by 9% [15][16]. - The efficient energy segment achieved a revenue of 650 million, a year-on-year increase of 13% [15][16]. - The company’s gross margin for the efficient energy segment was approximately 15%, reflecting a decline of 8% year-on-year [17]. Future Outlook - The projected net profit for 2024 and 2025 is estimated at 160 million and 210 million, respectively, with corresponding valuations of 21 and 16 times [19].