Investment Rating - The report assigns a rating of "Outperform" to the company [3] Core Views - The company reported a revenue of 28.841 billion CNY in 2023, representing a year-on-year increase of 17% [3] - The net profit attributable to shareholders reached 575 million CNY, a significant increase of 482.69% year-on-year, driven by reduced credit impairment losses and increased investment income [3] - The company continues to experience high growth in new orders, with a contract signing amount of 43.565 billion CNY in 2023, up 29.53% year-on-year [3] Financial Summary - Total revenue is projected to grow from 29.250 billion CNY in 2023 to 38.426 billion CNY in 2024, reflecting a growth rate of 34% [4] - The net profit forecast for 2024 is 925 million CNY, which indicates a year-on-year growth of 61% [4] - The company's gross margin is expected to improve from 10.97% in 2023 to 13.15% in 2024 [4] Order and Revenue Insights - New energy equipment revenue increased by 34% year-on-year, although the overall gross margin decreased by 0.8 percentage points to 10.82% due to the impact of low-margin orders [3] - The company has secured significant contracts in various sectors, including new energy and industrial systems, indicating a robust order pipeline [3] Capital Expenditure and Investment - The company plans to invest approximately 2.563 billion CNY in capital expenditures in 2024, up from 1.501 billion CNY in 2023, focusing on technology upgrades and capacity enhancements [3] - The successful completion of a private placement raised 1.7 billion CNY, increasing the major shareholder's stake to 69.79% [3]
点评：低毛利订单仍在消化，看好新订单量价齐升