Linyang Energy(601222) 东吴证券·2024-05-07 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company reported a revenue of 6.872 billion yuan in 2023, a year-on-year increase of 39%, and a net profit attributable to shareholders of 1.031 billion yuan, up 20% year-on-year [1][11]. - The company's power station business is experiencing stable growth, with significant project development and a gradual increase in TOPCon production [2][3]. - The company plans to distribute a cash dividend of 3.03 yuan per 10 shares, totaling 618 million yuan, reflecting a high dividend payout ratio of approximately 60% [24]. Financial Performance - In Q4 2023, the company achieved a revenue of 2.122 billion yuan, with a quarter-on-quarter increase of 58% and a year-on-year increase of 38% [1]. - For Q1 2024, the company reported a revenue of 1.554 billion yuan, a year-on-year increase of 46% [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 1.18 billion yuan, 1.36 billion yuan, and 1.55 billion yuan, representing year-on-year growth of 15%, 15%, and 14% respectively [3][11]. Business Development - The company has accelerated the construction and grid connection of power stations, with over 1GW of projects under construction and more than 600MW connected by the end of 2023 [2]. - The company has a cumulative development of over 5GW of power stations and over 4GW of photovoltaic projects in reserve, with plans to develop 1.5GW and connect 800-900MW in 2024 [2]. - The energy storage business is expected to continue high growth, with a projected shipment of 3.5GWh in 2024, primarily in the domestic market [13]. Market Position - The company has established a strong presence in the overseas market, particularly in Europe and Asia, with significant contracts and market share growth [12]. - The company has secured orders exceeding 2 billion yuan in the electric meter business, indicating stable growth prospects [12].