Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.44 CNY, reflecting a potential upside of over 20% in the next six months [21][18]. Core Insights - The company faced a decline in its pharmaceutical machinery business due to a slowdown in downstream customer industries, resulting in a revenue drop of 20.90% year-on-year to 243 million CNY in 2023. However, the cleaning machine segment showed resilience with a revenue increase of 31.40% [1][20]. - The energy-saving and environmental protection business demonstrated robust growth, achieving a revenue of 729 million CNY, up 20.16% year-on-year, primarily driven by the MVR (steam compression) systems, which saw a 27.26% increase in revenue [1][20]. - The company's overall gross margin and net margin for 2023 were 33.57% and 16.51%, respectively, showing slight declines compared to the previous year. However, there is an expected recovery in profitability in Q1 2024, with gross and net margins projected to rise to 37.63% and 19.70% [1][20]. Financial Summary - In 2023, the company reported total revenue of 975 million CNY, a 6.43% increase from the previous year, while net profit decreased by 3.69% to 161 million CNY. For Q1 2024, revenue was 216 million CNY, down 14.37% year-on-year, but net profit increased by 4.56% to 43 million CNY [20][1]. - The forecast for net profit for 2024-2026 is adjusted to 200 million CNY, 242 million CNY, and 290 million CNY, respectively, with corresponding P/E ratios of 14, 11, and 10 times [1][20].
需求放缓导致23年业绩承压，环保业务稳健增长