Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to see performance improvement in 2025 due to continued growth in heating area and declining coal prices [5][9] - The company's heating and steam business revenue for 2024 was 2.275 billion yuan, a year-on-year increase of 4.05%, with a gross profit of 556 million yuan, up 10.96% year-on-year [9] - The average heating area for 2024 was approximately 77.04 million square meters, with a slight increase in connected area compared to the same period in 2023 [9] - The rapid decline in coal prices since March 2025 is expected to positively impact the company's performance if the trend continues [9] Financial Summary - The company achieved total revenue of 3.509 billion yuan in 2024, a year-on-year growth of 2.87%, and a net profit attributable to shareholders of 659 million yuan, a decrease of 23.29% [9] - For 2025, the estimated revenue is 3.506 billion yuan, with a slight decrease of 0.11%, and a projected net profit of 817 million yuan, an increase of 24% [7][9] - The company's earnings per share (EPS) for 2025 is estimated at 0.36 yuan, with a price-to-earnings (P/E) ratio of 16.95 [7][9] - The company maintains a strong cash position with 7.393 billion yuan in cash and only 1.9 billion yuan in interest-bearing debt as of March 2025 [9]