金科环境：在手订单充沛，期待新水岛放量

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.26 CNY per share, based on a 20x PE ratio for 2024 [13][2]. Core Insights - The company focuses on the high-end water sector, with significant demand for industrial reclaimed water and direct drinking water expected to be released soon. The "New Water Island" product is anticipated to ramp up production [2][12]. - The company reported a revenue of 573 million CNY in 2023, a decrease of 14.63% year-on-year, and a net profit of 70.77 million CNY, down 7.83% year-on-year. However, the gross margin and net profit margin improved by 5.0 and 0.9 percentage points to 39.1% and 12.4%, respectively [12][45]. - The operating cash flow significantly improved in 2023, reaching 110 million CNY, a 30.2% increase year-on-year, indicating a substantial improvement in collection [12][51]. Summary by Sections 1. Financial Performance - In 2023, the company achieved a revenue of 573 million CNY, with a year-on-year decline of 14.63%. The net profit was 70.77 million CNY, down 7.83% year-on-year. The gross margin increased to 39.1%, and the net profit margin rose to 12.4% [12][45]. - For Q1 2024, the company reported a revenue of 110 million CNY, a year-on-year increase of 25.93%, and a net profit of 8.68 million CNY, up 16.4% year-on-year [12][45]. 2. Business Segments - The operating revenue from wastewater resource recovery products and services reached 194 million CNY in 2023, a year-on-year increase of 13.7%. The revenue from equipment and technical solutions was 378 million CNY, down 24.4% year-on-year, but the gross margin improved to 41.2% [12][28]. - As of Q1 2024, the company had an order backlog of 688 million CNY, with a significant increase in operating service orders, which rose by 79.7% year-on-year [12][62]. 3. Future Outlook - The company expects to achieve net profits of 100 million CNY, 133 million CNY, and 165 million CNY for the years 2024, 2025, and 2026, respectively [12][65]. - The introduction of the "New Water Island" product is expected to enhance operational efficiency and reduce lifecycle costs, with a focus on expanding into PCB, photovoltaic, and high-water-consuming industries [12][63][64].