23年业绩高速增长，紧抓新能源及工业数字化发展机遇

Investment Rating - The report maintains a "Buy" rating for the company, consistent with the previous rating [1] Core Views - The company achieved rapid growth in 2023, with revenue reaching 6.668 billion yuan, a year-on-year increase of 40.50%, and net profit attributable to the parent company reaching 505 million yuan, a year-on-year increase of 104.92% [1] - The company seized opportunities in the new energy and industrial digitalization sectors, driving significant growth in its performance [1] - The company's overseas revenue reached 5.449 billion yuan, a year-on-year increase of 34.5%, while domestic revenue was 1.177 billion yuan, a year-on-year increase of 79.54% [1] - The company's gross margin improved to 22.81% in 2023, up 2.52 percentage points year-on-year, with the net profit margin reaching 7.53%, up 1.56 percentage points year-on-year [1] - The company's digital transformation efforts have enhanced its profitability, with digital factories contributing to cost control and improved gross margins [1] Business Segments - The dry-type transformer business generated revenue of 1.770 billion yuan in 2023, a year-on-year increase of 59.81%, with a gross margin of 17.74%, up 0.89 percentage points year-on-year [1] - The energy storage business saw revenue of 414 million yuan, a year-on-year increase of 546.95%, with new energy-related sales growing by 88.95% year-on-year [1] - The company's energy storage system orders reached 641 million yuan in 2023, a year-on-year increase of 144.87% [2] - The company is expanding into new business areas such as hydrogen energy, aiming to become a leading player in the hydrogen energy industry during the 14th and 15th Five-Year Plan periods [2] Financial Projections - The company is expected to achieve revenue of 9.5 billion yuan, 12.3 billion yuan, and 15.0 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 43%, 29%, and 22% [2] - Net profit attributable to the parent company is projected to be 800 million yuan, 1.124 billion yuan, and 1.419 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 60%, 39%, and 26% [2] - The company's gross margin is expected to remain stable at around 22.3% to 22.5% over the next three years [3] Digital Transformation - The company has completed the construction of digital factories in Haikou, Guilin, and Wuhan, which have improved its digital manufacturing capabilities and operational efficiency [1] - The company has signed new digital solution contracts worth 229 million yuan in 2023, with cumulative orders exceeding 600 million yuan [1] - Digital business is expected to become a new growth driver for the company, contributing to industry-wide digital transformation [1]