伊戈尔：变压器小巨人，海外加速扩张

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 26.5 CNY based on a projected 30x PE for 2024 [26][43]. Core Insights - The company is positioned to benefit from the high demand in the power equipment sector driven by the synergy of "new energy, distribution network, and data centers" [62]. - The company has established deep partnerships with major clients in the photovoltaic sector, which is expected to drive rapid revenue growth [19][63]. - The company is expanding its overseas presence and increasing direct sales efforts, particularly in North America and Europe, to capitalize on growing international demand [13][19]. Summary by Sections Market Overview - The global photovoltaic installation is projected to grow significantly, with new installations expected to reach 1,321 GW by 2030, reflecting a CAGR of 16% [2]. - The average price of photovoltaic inverters is expected to decrease from 0.22 CNY/W in 2023 to 0.15 CNY/W by 2030 [2]. Financial Projections - The company’s revenue is forecasted to grow from 3.63 billion CNY in 2023 to 7.73 billion CNY by 2026, with a CAGR of 28.68% [28]. - The net profit attributable to the parent company is expected to increase from 209 million CNY in 2023 to 638 million CNY by 2026, with a growth rate of 31.06% in 2026 [28]. Product and Market Strategy - The company has diversified its product offerings from high-frequency inductors to include photovoltaic step-up transformers and smart box transformers, expanding into data center power supply systems [10][19]. - The company is implementing a "2+X" strategy to enhance its product and capacity development across various sectors [33][67]. Customer and Sales Strategy - The company has established strong ties with leading photovoltaic companies, with the largest customer accounting for 43% of revenue in 2023 [75]. - The company is actively increasing its overseas sales team and direct sales efforts to enhance its market presence in international markets [13][19].