23Q4外销增长亮眼，盈利改善显著

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 19.78 CNY per share, indicating a potential upside from the current price of 13.56 CNY [3][49]. Core Insights - The company reported a significant acceleration in revenue growth and improvement in profitability for Q4 2023, with a revenue of 38.9 billion CNY, representing a year-over-year increase of 30.7%, and a net profit of 2.4 billion CNY, up 105.0% year-over-year [1]. - The growth in external sales was particularly strong, with external sales revenue reaching 26.6 billion CNY in Q4 2023, a year-over-year increase of 51.6% [1]. - The report forecasts a recovery in profitability driven by cost reduction measures and increased external sales, with expected net profit growth of 1.6%, 11.0%, and 11.1% for the years 2023 to 2025 [49]. Financial Summary - The company achieved a total revenue of 146.5 billion CNY in 2023, a year-over-year increase of 6.9%, with a net profit of 9.8 billion CNY, reflecting a 1.6% increase [1][2]. - The EBITDA for 2023 is projected at 1.88 billion CNY, with a slight decrease in net profit margin to 6.7% [2]. - The report provides a detailed financial outlook, projecting revenues of 15.79 billion CNY and 17.03 billion CNY for 2024 and 2025, respectively, with corresponding growth rates of 7.8% and 7.9% [2].