Investment Rating - The investment rating for the company is upgraded to "Buy" [7][18]. Core Views - The company is expected to benefit from the ongoing reforms in heating measurement and the promotion of energy-saving technologies, leading to improved profitability [7][8]. - The company's revenue for 2023 reached 268 million yuan, a year-on-year increase of 12.23%, with a net profit of 62.05 million yuan, up 8.55% [7]. - The first quarter of 2024 showed a revenue decline of 14.44% to 37.93 million yuan, but the gross margin improved to 56.1% [7]. - The company plans to distribute a dividend of 0.7 yuan per share, implying a dividend yield of 5% for 2024 based on the current stock price [7]. - The projected net profits for 2024, 2025, and 2026 are 72 million yuan, 80 million yuan, and 94 million yuan respectively, with corresponding P/E ratios of 11.8, 10.7, and 9.1 [7][21]. Financial Summary - The company's total revenue is projected to grow from 268 million yuan in 2023 to 430 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15.6% [21]. - The net profit margin is expected to stabilize around 21.9% by 2026, with a return on equity (ROE) forecasted to reach 15.2% [21]. - The company's total assets are anticipated to increase from 661 million yuan in 2023 to 884 million yuan in 2026, indicating a healthy growth trajectory [25].
天罡股份：北交所信息更新：两部制热价改革政策落地进入成长期，高股息公用事业标的