Q4业绩表现亮眼，支架龙头终得正果

Investment Rating - The investment rating for the company is "Buy" and it is maintained [5]. Core Insights - The company reported a strong performance in Q4 2023, achieving a revenue of 6.43 billion, a year-on-year increase of 74%. The net profit attributable to the parent company reached 350 million, up 696% year-on-year, while the net profit excluding non-recurring items was 320 million, reflecting a significant growth of 2321% [6][7]. - The company's performance indicates a recovery from previous challenges faced since 2021, attributed to component price increases and competitive pressures in the market. The decline in component prices and the growth in ground station demand have contributed to this turnaround, suggesting a clear trend of accelerated growth post-recovery [7]. - In Q4, the company’s revenue exceeded 3 billion, accounting for nearly 50% of the annual total, which is higher than the previous year's 40% level. The product and market structure have been optimized, with a significant share of revenue coming from non-European and non-American markets, particularly in tracking brackets [7][8]. - The company has a strong order backlog of 4.7 billion at the end of Q4, which supports high sales growth for the next year. The revenue is expected to grow by over 20%-30% in 2024, driven by increased demand in non-European markets and a shift towards higher-margin tracking brackets [8][9]. Financial Summary - The company is projected to achieve a net profit of 500 million in 2024, corresponding to a price-to-earnings (PE) ratio of 24 times [9]. - The financial forecasts indicate a significant increase in total revenue from 3.703 billion in 2022 to an estimated 6.450 billion in 2023, with further growth expected to 8.144 billion in 2024 and 11.237 billion in 2025 [19].