Investment Rating - The report assigns an "Accumulate" rating for the company, with a target market value of 920 million to 980 million based on a PE ratio of 14-15 times for 2024 [25][24]. Core Insights - The company, a leader in ventilation and cooling systems, has shown steady growth in performance, with a compound annual growth rate (CAGR) of 28.8% in net profit from 2019 to 2023, and a stable gross margin around 30% [19][5]. - The business structure is diversified across five main segments: rail transportation, new energy equipment, marine engineering and ships, cooling towers, and refrigeration fans, with balanced revenue contributions from each segment [12][22]. - The company has a strong custom R&D capability and maintains high customer stickiness, primarily serving leading enterprises in various sectors [11][19]. Summary by Sections 1. Company Overview - The company specializes in the R&D and manufacturing of ventilation and cooling systems, benefiting from policies promoting the replacement of old rail transit equipment and the acceleration of nuclear power approvals [48][19]. - It has been recognized as a national-level "Little Giant" enterprise and a champion in specialized manufacturing [19][11]. 2. Business Segments - Rail Transportation: Revenue from this segment was 120 million in 2023, accounting for 23.1% of total revenue, with a gross margin of 38.9% [23]. - New Energy: This segment generated 110 million in revenue, representing 22.5% of total revenue, with a gross margin of 31.2% [23]. - Marine Engineering: Revenue surged by 122.5% to 70.58 million in 2023, making up 13.9% of total revenue, with a gross margin of 27.9% [23]. - Refrigeration Fans: This segment achieved 110 million in revenue, accounting for 22.3% of total revenue, with a gross margin of 21.6% [23]. - Cooling Towers: Revenue was 92.24 million, representing 18.2% of total revenue, with a gross margin of 28.1% [23]. 3. Financial Performance - The company reported a revenue of 508 million in 2023, with a CAGR of 18.8% from 2019 to 2023, and a net profit of 60.57 million [87][19]. - The company has a positive operating cash flow and a history of stable dividends, with a dividend yield of 2.6% in 2021 and 2022, and 4.3% in 2023 [48][19]. 4. Future Outlook - The company is expected to achieve revenues of 583 million, 661 million, and 785 million in 2024, 2025, and 2026 respectively, with a CAGR of 15.6% from 2023 to 2026 [24][49]. - The nuclear power segment is anticipated to grow rapidly, with over 90 million in contracts currently in hand, driven by accelerated approvals for new nuclear projects [20][19].
克莱特：通风冷却系统“小巨人”，成长稳分红稳