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Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6-12 months compared to the benchmark index [11]. Core Insights - The company reported a revenue of 202 million yuan in 2023, a year-on-year increase of 6.22%, while the net profit attributable to shareholders decreased by 17.18% to 47.21 million yuan. The first quarter of 2024 saw a revenue decline of 15.7% year-on-year, with a net profit drop of 65.54% [2][3]. - The company is focusing on enhancing its competitiveness through increased R&D investment, which reached 40.51 million yuan in 2023, accounting for 20.07% of revenue, reflecting a 46.08% year-on-year increase [4][20]. - The company is expanding its market presence outside Zhejiang province, with sales in key regions such as North China, Central China, and South China increasing significantly, now accounting for 36.59% of total sales, up 18.49% year-on-year [4]. Summary by Sections Growth Analysis - In 2023, the company's revenue increased by 6.22%, while the net profit attributable to shareholders decreased by 17.18%. The first quarter of 2024 showed a revenue decline of 15.7% and a net profit decrease of 65.54%. The decline in net profit is primarily attributed to increased R&D expenses [3][4]. - The revenue from power equipment testing and services, power-related services, and electrochemical equipment in 2023 was 129 million, 48 million, and 22 million yuan, respectively, with year-on-year changes of +3.66%, +18.68%, and -1.49% [3]. Profitability Analysis - The company's gross profit margin for 2023 was 59.38%, an increase of 1.83 percentage points year-on-year, while the net profit margin was 23.42%, a decrease of 6.57 percentage points. In Q1 2024, the gross profit margin rose to 75.93%, but the net profit margin fell to 13.77% [3]. - R&D expenses increased significantly, indicating a strategic focus on innovation and competitiveness [4]. Operational Capability and Cash Flow Analysis - The accounts receivable turnover days improved to 252 days in 2023, a reduction of 28.8 days year-on-year, indicating enhanced cash flow efficiency. The operating cash flow reached 72.41 million yuan, a 256% increase year-on-year [3]. Market Expansion and Innovation - The company is actively expanding its market share in the new energy sector, particularly in the development of electrochemical equipment and perovskite solar cells, which are expected to contribute significantly to revenue growth [4][5]. - The establishment of a 100MW perovskite production line and partnerships with research institutions for technology development further strengthen the company's innovation capabilities [20].