良信股份（002706）：新能源基本盘稳健增长，AIDC增长放量未来可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue from the new energy sector is expected to maintain a steady growth of 25-30% year-on-year, with strong performance in energy storage and wind power markets, while the photovoltaic market shows a slight decline [8] - The AIDC market is accelerating, with expected revenue growth of 20-25% year-on-year in the data center business, driven by rapid growth in the operator and communication power markets [8] - The real estate market continues to be a drag, with a projected revenue decline of 25-30% year-on-year for the company's real estate downstream market [8] - The company has effectively controlled its operating expenses, with a 9% year-on-year increase in expenses, and a significant increase in contract liabilities by 158% year-on-year [8] - The profit forecast has been adjusted downwards due to unexpected price declines in the new energy sector, with revised net profit estimates for 2025-2027 being 3.55 billion, 5.10 billion, and 7.14 billion respectively [8] Financial Summary - Total revenue for 2023 is projected at 4,585 million, with a year-on-year growth of 10.30% [1] - The net profit attributable to the parent company for 2023 is estimated at 510.97 million, reflecting a year-on-year increase of 21.15% [1] - The latest diluted EPS for 2023 is expected to be 0.45 yuan per share [1] - The company's total assets are projected to reach 5,506 million in 2024, with a total liability of 1,529 million [9] - The company's operating cash flow for 2024 is expected to be 456 million [9]