2023年年报及2024年一季报点评：毛利稳定，定增落地补充“弹药”

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [4]. Core Views - The company reported a revenue of 3.691 billion yuan for 2023, representing a year-on-year growth of 7.60%. The net profit attributable to shareholders was 920 million yuan, up 45.14% year-on-year. For Q1 2024, revenue decreased by 2.00% to 856 million yuan, and net profit fell by 28.79% to 167 million yuan [2][3]. - The company has completed a capital increase, raising approximately 1.8 billion yuan, which can leverage an investment of 6 to 9 billion yuan for ongoing projects [2]. - The company’s installed capacity reached 5.6165 million kilowatts, with a total power generation of 9.066 billion kilowatt-hours in 2023, marking an 11.0% increase year-on-year [2][3]. Financial Summary - For 2023, the company achieved total revenue of 3.691 billion yuan, with a net profit of 920 million yuan, and an EPS of 0.49 yuan. The projected EPS for 2024 and 2025 are 0.59 yuan and 0.79 yuan respectively, with a target price of 11.80 yuan per share based on a 20.0x PE valuation for 2024 [3][4]. - The company’s gross profit margin for Q1 2024 was stable at 54.5%, despite a decrease in power generation due to resource disruptions [2][3]. - The financial expenses increased by 0.1 billion yuan in Q1 2024, impacting the operating profit margin, which decreased by 3.6 percentage points to 30.4% [2].