中国天楹：重力储能业务积极推进

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.75 CNY, up from a previous forecast of 4.75 CNY [14][15]. Core Views - The company is actively advancing its gravity energy storage business, which is expected to contribute positively to its financial performance in the coming years [14]. - The company reported a revenue of 5.324 billion CNY in 2023, a decline of 21% year-on-year, but is projected to recover with revenues of 7.165 billion CNY in 2024, representing a growth of 35% [14][15]. - The net profit attributable to shareholders is expected to increase from 337 million CNY in 2023 to 780 million CNY in 2024, reflecting a significant recovery [14][15]. Summary by Sections Financial Performance - The company achieved a revenue of 5.324 billion CNY in 2023, down 21% year-on-year, with a net profit of 337 million CNY, down 24% [14]. - For 2024, the company is expected to generate a revenue of 7.165 billion CNY, with a net profit forecasted at 780 million CNY [15]. - The earnings per share (EPS) is projected to rise from 0.05 CNY in 2023 to 0.13 CNY in 2024 [14]. Business Segments - The company's core businesses, including waste incineration and environmental equipment manufacturing, remain stable, while the gravity energy storage and renewable energy sectors are rapidly advancing [14]. - The company has successfully launched several gravity energy storage projects and is expanding its international market presence [14][15]. Valuation Metrics - The report indicates a projected PE ratio of 25 for 2024, which is in line with comparable companies in the gravity energy storage sector [14][17]. - The company’s net asset return is expected to improve from 3.2% in 2023 to 6.9% in 2024, indicating better profitability [15].