全年业绩持续高增，平台化布局韧性展现

Investment Rating - The investment rating for the company is "Buy (Maintain)" [28] Core Views - The company reported a significant increase in revenue and profit for 2023, with operating income reaching 61.84 billion yuan, a year-on-year growth of 73.19%, and net profit attributable to the parent company at 14.61 billion yuan, up 85.28% [28][29] - The company has demonstrated resilience in its platform layout, with strong growth in its equipment, consumables, slicing, and innovative business segments [28] - The company has a robust order backlog, with a total order amount of 1.00 billion yuan for innovative business equipment, reflecting a year-on-year increase of 36.99% [22] Financial Summary - Revenue Forecasts: Projected operating income for 2024, 2025, and 2026 is 80.98 billion yuan, 102.86 billion yuan, and 124.31 billion yuan respectively [29] - Net Profit Forecasts: Expected net profit for the same years is 13.96 billion yuan, 16.72 billion yuan, and 19.72 billion yuan respectively [29] - Earnings Per Share (EPS): The diluted EPS is forecasted to be 4.12 yuan, 4.93 yuan, and 5.82 yuan for 2024, 2025, and 2026 respectively [29] - Key Financial Ratios: The company’s gross margin is projected to decline from 42.49% in 2023 to 32.28% in 2026, while the net profit margin is expected to decrease from 23.63% to 15.86% over the same period [30] Business Segments Performance - Photovoltaic Cutting Equipment: Achieved operating income of 28.77 billion yuan in 2023, a year-on-year increase of 95.16%, accounting for 46.5% of total revenue [28] - Diamond Wire: Revenue from diamond wire reached 11.62 billion yuan, up 38.36% year-on-year, with a gross margin of 58.55% [28] - Slicing Processing Services: Generated 17.19 billion yuan in revenue, reflecting an 84.99% year-on-year growth [28] - Innovative Business: Contributed 2.52 billion yuan in revenue, a 60.71% increase year-on-year, with a gross margin of 56.63% [28] Market Position and Strategy - The company maintains a leading market share in cutting equipment, with a strong order backlog of 22.60 billion yuan for photovoltaic cutting equipment, up 53.32% year-on-year [28] - Continuous cost reduction and efficiency improvements have significantly enhanced the gross margin of diamond wire products [28] - The company is expanding its cutting scenarios and has launched new products to capture additional market opportunities [28]