业绩稳步增长，钢渣业务表现突出

Investment Rating - The report maintains a "Buy" rating for the company [12][4]. Core Views - The company achieved a revenue of 1.029 billion yuan in 2023, representing a year-on-year increase of 35.04%, and a net profit attributable to shareholders of 86.68 million yuan, up 48.02% year-on-year [2]. - The growth in revenue is primarily driven by significant increases in the low-temperature flue gas waste heat recovery system and the newly developed steel slag treatment system [3]. - The company is expected to continue its growth trajectory with projected revenues of 1.294 billion yuan, 1.596 billion yuan, and 1.910 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 25.7%, 23.4%, and 19.6% [4]. Financial Performance Summary - The company reported a gross margin of 33.7% in 2023, slightly down from the previous year, with specific product lines showing varied performance in gross margins [3]. - The financial forecasts indicate a net profit of 127 million yuan in 2024, with a growth rate of 47.0%, and further increases to 150 million yuan and 187 million yuan in 2025 and 2026, respectively [4][22]. - The company’s total assets are projected to grow from 1.926 billion yuan in 2023 to 3.461 billion yuan by 2026, reflecting a strong asset base [22]. Business Segment Analysis - The revenue breakdown for different business segments in 2023 includes: dry slag removal system (290 million yuan, +28.1%), wet slag removal system (190 million yuan, +8.1%), low-temperature flue gas waste heat recovery system (250 million yuan, +100.1%), and full-load denitrification project (130 million yuan, -25.2%) [3]. - The newly developed steel slag treatment system generated 92 million yuan in revenue with a gross margin of 40.43%, which is higher than the overall company gross margin [3]. Market Context - The company is positioned to benefit from the increasing demand for flexible coal-fired power generation modifications, which is expected to drive growth in its energy-saving environmental treatment systems [16]. - The establishment of a hydrogen technology testing center indicates the company's strategic move into emerging energy sectors, aiming to capture opportunities in hydrogen equipment development [16].