特高压及电网智能化业务高速增长，盈利能力提升

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 13.32 CNY [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.059 to 2.375 billion CNY in 2023, representing a year-on-year growth of 30% to 50% [2][3]. - The growth in the company's high-voltage and smart grid businesses is driven by the "new infrastructure" and "carbon peak, carbon neutrality" initiatives, leading to improved profitability [3]. - The company is positioned to benefit significantly from the rapid growth in the renewable energy sector, with investments in new energy exceeding 34% year-on-year in 2023 [4]. Summary by Sections Financial Performance - The company anticipates a net profit of 2.059 to 2.375 billion CNY for 2023, with a non-GAAP net profit of 1.879 to 2.233 billion CNY, reflecting growth rates of 30%-50% and 22%-45% respectively [2][3]. - For Q4 2023, the expected net profit is between 255 to 571 million CNY, indicating a year-on-year increase of 55.49% to 248.17% [3]. Business Growth - The company's high-voltage and smart grid businesses are experiencing rapid growth due to ongoing investments in new energy infrastructure [3]. - The company has enhanced its R&D and cost control in core products within the communication and energy sectors, leading to improved profitability [3]. Market Position and Future Outlook - The company is well-positioned to benefit from the expanding renewable energy market, with a comprehensive range of products and solutions for smart grids and energy management [4]. - The company has accelerated its overseas expansion and was recognized as a "lighthouse factory" by the World Economic Forum, enhancing its international brand value [4][8]. Revenue Projections - Revenue projections for 2023 to 2025 are 50.727 billion CNY, 57.892 billion CNY, and 65.350 billion CNY respectively, with net profits expected to be 2.280 billion CNY, 2.742 billion CNY, and 3.235 billion CNY [9].