2023年报点评：盈利能力改善，龙头地位稳固

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company has shown significant improvement in profitability, with a 22.01% year-on-year increase in revenue to 400.92 billion and a 43.58% increase in net profit to 44.12 billion in 2023 [3] - The company maintains its leading position in the global market, achieving a 36.8% market share in the power battery sector and a 40% share in the energy storage battery sector in 2023 [3] - The company emphasizes research and development, with R&D expenses reaching 18.36 billion, an increase of 18.35% year-on-year, and has launched several innovative products [3] Financial Performance - In 2023, the company reported revenue of 400.92 billion, with a year-on-year growth rate of 22.01% [8] - The net profit attributable to shareholders was 44.12 billion, reflecting a year-on-year growth of 43.58% [8] - The company’s revenue projections for 2024, 2025, and 2026 are 463.45 billion, 515.64 billion, and 545.21 billion respectively, with growth rates of 15.60%, 11.26%, and 5.74% [7][8] Product Segmentation - Revenue from the power battery system, energy storage battery system, battery materials and recycling, and battery mineral resources in 2023 were 285.25 billion, 59.90 billion, 33.60 billion, and 7.73 billion respectively, with year-on-year growth rates of 20.57%, 33.17%, 29.08%, and 71.54% [3] - The gross margins for these segments were 22.27%, 23.79%, 11.38%, and 19.86% respectively, with notable increases in the power and energy storage battery segments [3] Market Position - The company’s power battery sales reached 321 GWh in 2023, a year-on-year increase of 32.56%, while energy storage battery sales were 69 GWh, up 46.81% [3] - The company has held the number one position in the global power battery market for seven consecutive years and in the energy storage battery market for three years [3] Research and Development - The company invested 18.36 billion in R&D in 2023, marking an 18.35% increase from the previous year [3] - New products launched include the Shunxing battery and the sodium-ion battery, which have been adopted by various automotive clients [3]