Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company is expected to achieve a revenue of 401 million yuan in 2024, a decrease of 8.55% year-on-year, with a net profit attributable to the parent company of 40 million yuan, down 14.00% year-on-year. The profit forecasts for 2024-2026 have been revised downwards due to a decline in product prices [3][4] - The "Reduce Oil and Increase Chemical" policy is expected to boost demand for heat exchangers, driven by the concentration and large-scale development of domestic refineries [4] - The company has been deepening its expertise in petrochemical heat exchangers and is accelerating its overseas expansion, becoming a qualified supplier for several global oil and chemical giants [5] Financial Summary - The company's total revenue is projected to decline from 438 million yuan in 2023 to 401 million yuan in 2024, with a subsequent recovery to 442 million yuan in 2025 and 491 million yuan in 2026 [6] - The net profit attributable to the parent company is expected to remain at 40 million yuan in 2024, with a gradual increase to 45 million yuan in 2025 and 50 million yuan in 2026 [6] - The company's gross margin is projected to decrease from 21.4% in 2023 to 20.5% in 2024, with a slight recovery to 20.6% in 2025 and 20.8% in 2026 [6][12]
无锡鼎邦：北交所信息更新：公司加快海外油化换热器拓展步伐，成为多家全球油化龙头供应商-20250315