国内+欧美市场变压器需求明朗，业绩有望持续显著增长

Investment Rating - The report maintains a rating of "Accumulate" for the company [5]. Core Views - The demand for transformers in both domestic and overseas markets is clear, leading to significant growth in performance [1]. - The company achieved a revenue of 6.668 billion yuan in 2023, a year-on-year increase of 40.5%, and a net profit of 505 million yuan, up 78.2% year-on-year [1][2]. - The company is expected to benefit from the acceleration of new energy construction and grid investment, which will drive transformer demand [3]. Revenue Breakdown - The overseas sales revenue reached 1.177 billion yuan, a year-on-year increase of 79.54%, while domestic sales revenue was 5.449 billion yuan, up 34.50% [1]. - Transformer sales revenue was 6.141 billion yuan, an increase of 36.26% year-on-year, while energy storage sales revenue surged to 414 million yuan, up 546.95% [1]. - In the new energy sector, sales revenue was 3.723 billion yuan, a year-on-year increase of 68.21%, with solar energy accounting for 51% of this revenue [1]. Profitability - The company's gross profit margin improved to 22.81%, an increase of 2.52 percentage points from 2022, while the net profit margin rose to 7.53%, up 1.56 percentage points [2]. - The overall expense ratio remained stable at 13.36%, indicating effective cost management despite aggressive overseas market expansion [2]. Future Outlook - The company expects to see continued growth in transformer sales orders, which reached 7.832 billion yuan in 2023, a year-on-year increase of 35.14% [3]. - The company has successfully entered the offshore wind market with its liquid-immersed transformers and is expanding its digital solutions business, with new orders totaling 229 million yuan [3]. - Forecasted net profits for 2024-2026 are 750 million yuan, 1.056 billion yuan, and 1.452 billion yuan, respectively, with corresponding P/E ratios of 24.5, 17.4, and 12.7 [3][4].