海外布局加速，储能+钠电前景可期

Investment Rating - The investment rating for the company is "Hold" with a target price not specified in the report [12]. Core Viewpoints - The company is accelerating its overseas expansion and is expected to see promising prospects in energy storage and sodium batteries [11]. - The company has launched a quality return enhancement plan and has repurchased 2.406 million shares, accounting for 0.48% of the total share capital [2]. - The company has achieved significant contracts in large-scale energy storage projects, including a 60MWh project, which is currently the largest distributed energy storage project in China [2]. Financial Data and Valuation - Revenue is projected to be 70.25 billion, 76.49 billion, and 84.94 billion yuan for the years 2023, 2024, and 2025, respectively, with growth rates of -22.52%, 8.89%, and 11.04% [12]. - The net profit attributable to the parent company is expected to be 0.77 billion, 5.45 billion, and 6.59 billion yuan for the same years, with growth rates of -87.81%, 611.62%, and 20.97% [12]. - Earnings per share (EPS) are projected to be 0.15, 1.08, and 1.31 yuan, with corresponding price-to-earnings (P/E) ratios of 142, 20, and 17 times [12]. Market Position and Innovations - The company is focusing on technological innovation, having launched a 320Ah energy storage cell with a cycle life of up to 10,000 times and high energy conversion efficiency [11]. - The company has established offices in Europe, North America, and Japan, and has begun large-scale sales in the South African market [11]. - The company has signed agreements with Discover and Genaspi Energy to expand its North American market presence, with procurement plans for 5.1GWh and 1GWh of energy storage cells, respectively [11].