2023年年报点评：在手订单充足，盈利动能不断积蓄

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Insights - The company achieved a total revenue of 6.668 billion, representing a year-on-year growth of 40.50%, and a net profit attributable to shareholders of 505 million, with a year-on-year increase of 78.15% [2][5]. - The company has a strong order backlog, with total sales orders reaching 7.832 billion, a year-on-year increase of 35.14%, and significant growth in overseas sales orders, which reached 1.991 billion, up 119.18% [4][5]. - The company is focusing on the transformer business while expanding into new areas such as energy storage and digital factory solutions, indicating strong growth potential [5]. Financial Performance - The company's gross margin and net margin for 2023 were 22.81% and 7.53%, respectively, showing improvements of 2.52 percentage points and 1.56 percentage points year-on-year [3]. - The company’s revenue from the energy storage segment grew significantly by 546.95%, while the digital solutions segment saw a decline of 47.91% [2][5]. - The projected revenues for 2024, 2025, and 2026 are 9.090 billion, 12.307 billion, and 16.710 billion, respectively, with corresponding growth rates of 36.3%, 35.4%, and 35.8% [6][9]. Business Segments - Revenue from the new energy sector reached 3.723 billion, a year-on-year increase of 68.21%, with energy storage sales growing by 302.58% and photovoltaic sales increasing by 88.95% [5]. - The company’s overseas revenue for 2023 was 1.177 billion, reflecting a year-on-year growth of 79.54% [4][5].