2023 年报点评：N型占比大幅提升，LECO逐步放量

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next six months [22][23]. Core Insights - The company achieved a net profit attributable to shareholders of 386 million yuan in 2023, representing a year-on-year increase of 2336.51% [23][31]. - The company's revenue for 2023 was 9.603 billion yuan, reflecting a year-on-year growth of 154.94% [21][41]. - The sales volume of silver paste reached 1713.6 tons in 2023, with a significant increase in the proportion of N-type silver paste, which accounted for 58.9% of total sales [22][23]. - The company is positioned as a leader in the domestic TOPCon silver paste market, with expectations for continued growth in the coming years [23][22]. Financial Performance Summary - In Q4 2023, the company reported a net profit of 93 million yuan, up 396.17% year-on-year, and a revenue of 3.506 billion yuan, up 203.41% year-on-year [3][46]. - The gross margin for 2023 was 11.14%, while the net margin was 4.02% [28][41]. - The company’s operating expenses for 2023 were 580 million yuan, an increase of 86.5% year-on-year, with a period expense ratio of 5.76%, down 2.2 percentage points from the previous year [19][35]. Future Outlook - The company is expected to see a gradual increase in the volume of LECO silver paste in 2024, with a projected shipment of over 2500 tons [22][16]. - The forecasted net profit for 2024 is estimated at 652.86 million yuan, with a growth rate of 69% [23][50]. - The company continues to invest in R&D, with expenses reaching 310 million yuan in 2023, a year-on-year increase of 169.5% [16][35].