CHINT ELECTRICS(601877) 民生证券·2024-05-01 15:00Investment Rating - The report maintains a "Recommend" rating for the company [1][2] Core Views - The company achieved revenue of 57.221 billion yuan in 2023, a year-on-year increase of 24.53%, while net profit attributable to the parent company was 3.686 billion yuan, a year-on-year decrease of 8.27% [1] - In Q1 2024, the company achieved revenue of 15.917 billion yuan, a year-on-year increase of 1.12%, and net profit attributable to the parent company was 1.081 billion yuan, a year-on-year decrease of 10.06% [1] - The company's gross profit margin and net profit margin in 2023 were 21.97% and 8.64%, respectively, down 1.15pcts and 1.63pcts year-on-year [1] - The company's R&D expenses increased by 3.77% year-on-year to 1.179 billion yuan in 2023, driven by the launch of new intelligent products [1] - The company's residential photovoltaic business added over 12GW of installed capacity in 2023, accounting for approximately 29% of the national market share [1] - The company has accelerated its overseas layout, with over 30 localized subsidiaries and a localization rate of 65%, covering more than 140 countries [1] Financial Forecasts - The company's revenue is expected to reach 65.604 billion yuan, 73.488 billion yuan, and 82.438 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 14.6%, 12.0%, and 12.2% [1][2] - Net profit attributable to the parent company is forecasted to be 4.469 billion yuan, 5.136 billion yuan, and 5.851 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.2%, 14.9%, and 13.9% [1][2] - The company's PE ratio is expected to be 10X, 8X, and 7X in 2024, 2025, and 2026, respectively [1][2] Business Highlights - The company's low-voltage electrical business achieved a gross profit margin of 28.04% in 2023, up 1.85pcts year-on-year, while the photovoltaic business had a gross profit margin of 18.43%, down 2.13pcts year-on-year [1] - The company has delivered over 1.2 million residential photovoltaic power stations, providing nearly 24 billion kWh of green electricity annually and reducing CO2 emissions by over 19 million tons [1] - The company has established partnerships with global leaders such as Saudi Electricity Company (SEC) and RWE, and has built 2 new overseas factories, 3 regional headquarters, and 4 regional logistics centers [1]