主业盈利能力提升，固态电池业务加速

Investment Rating - The report assigns a "Buy" rating for the company Guansheng Co., Ltd. (605088.SH) [9][10]. Core Insights - The company's main business profitability has improved, with solid-state battery operations accelerating [9]. - In 2023, the company achieved a total revenue of 3.18 billion yuan, a year-on-year increase of 8.12%, and a net profit attributable to the parent company of 284 million yuan, up 19.48% year-on-year [9]. - The gross profit margin for 2023 was 26.97%, an increase of 4.00 percentage points year-on-year, while the net profit margin was 8.93%, up 0.84 percentage points year-on-year [9]. - The company plans to distribute a cash dividend of 6 yuan for every 10 shares to all shareholders [9]. Financial Performance Summary - Total Revenue (Million Yuan): - 2022A: 2,941 - 2023A: 3,180 - 2024E: 3,580 - 2025E: 4,023 - 2026E: 4,580 - Year-on-Year Growth Rates: 2022A: 18.3%, 2023A: 8.1%, 2024E: 12.6%, 2025E: 12.4%, 2026E: 13.8% [2]. - Net Profit Attributable to Parent Company (Million Yuan): - 2022A: 238 - 2023A: 284 - 2024E: 353 - 2025E: 415 - 2026E: 489 - Year-on-Year Growth Rates: 2022A: 102.9%, 2023A: 19.5%, 2024E: 24.1%, 2025E: 17.8%, 2026E: 17.7% [2]. - Gross Margin (%): - 2022A: 23.0% - 2023A: 27.0% - 2024E: 26.9% - 2025E: 26.8% - 2026E: 26.8% [2]. - Return on Equity (ROE%): - 2022A: 14.0% - 2023A: 14.4% - 2024E: 15.1% - 2025E: 15.1% - 2026E: 15.1% [2]. - Earnings Per Share (EPS): - 2024E: 2.07 - 2025E: 2.44 - 2026E: 2.87 [10]. - Price-to-Earnings Ratio (P/E): - 2024E: 11.34 - 2025E: 9.63 - 2026E: 8.18 [10]. - Price-to-Book Ratio (P/B): - 2023A: 2.03 - 2024E: 1.71 - 2025E: 1.45 - 2026E: 1.23 [10].