2023全年业绩实现大幅增长，加速推进AI服务器电源业务

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [25]. Core Views - The company achieved significant growth in 2023, with a revenue of 2.87 billion yuan, a year-on-year increase of 6.17%, and a net profit attributable to shareholders of 196 million yuan, up 116.46% year-on-year [15][2]. - The company is capitalizing on the growth opportunities in the AI industry, with its server power business revenue reaching 811 million yuan in 2023, a year-on-year increase of 35.91% [16][2]. - The report forecasts net profits for 2024-2026 to be 230 million, 302 million, and 393 million yuan respectively, with corresponding P/E ratios of 20, 16, and 12 times [2]. Financial Summary - Revenue for 2023 is projected at 2.87 billion yuan, with a growth rate of 6.2% in 2023 and an expected growth of 23% in 2024 [1]. - The net profit for 2023 is expected to be 196 million yuan, with a significant increase of 116.5% year-on-year [1]. - The company's return on equity (ROE) is projected to improve from 10.5% in 2023 to 14.6% by 2026 [1]. - The earnings per share (EPS) is expected to rise from 1.93 yuan in 2023 to 3.88 yuan by 2026 [1]. Business Dynamics - The company is focusing on optimizing its product structure and increasing the proportion of high-value products, which has led to a steady improvement in gross margin, reaching 19.72% in 2023, up 1.56 percentage points year-on-year [1]. - The company has established sales teams in Taiwan and the United States to expand its overseas market presence, targeting major cloud service providers in North America [16].