主营业务稳定发展，环保业务减亏初见成效

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.03 CNY per share [1][8]. Core Insights - The company's main business, focusing on pump products, has shown stable growth with a projected revenue increase of approximately 12.60% year-on-year for 2023, achieving a three-year CAGR of 13.78% [5]. - The environmental protection business is gradually reducing losses, with measures taken to streamline operations and improve profitability [6][7]. - The first quarter of 2024 showed significant improvement in the profit statement, with a notable reduction in asset impairment losses and increased investment income [7]. Financial Performance Summary - In 2023, the company achieved a revenue of 54.33 billion CNY, a year-on-year increase of 3.22%, and a net profit of 2.01 billion CNY, up 73.63% [4]. - For Q1 2024, the company reported a revenue of 10.34 billion CNY, a 5.56% increase year-on-year, and a net profit of 0.89 billion CNY, reflecting a 123.57% growth [4]. - The projected revenues for 2024-2026 are 60.58 billion CNY, 68.57 billion CNY, and 77.05 billion CNY, with corresponding year-on-year growth rates of 11.49%, 13.19%, and 12.38% [8][9]. Valuation Metrics - The report estimates the company's earnings per share (EPS) for 2024-2026 to be 0.20 CNY, 0.31 CNY, and 0.36 CNY, with a three-year CAGR of 50.97% [8]. - The price-to-earnings (P/E) ratio is projected at 20 times for 2024, indicating a favorable valuation compared to peers [8].