轻装上阵盈利预期良好，海外突破在即

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company achieved a revenue of 18.657 billion yuan in 2023, representing a year-on-year growth of 60.9%. The net profit attributable to shareholders was 0.816 billion yuan, up 13.77% year-on-year. In Q4 2023, the revenue was 4.277 billion yuan, showing a year-on-year increase of 2.63% but a quarter-on-quarter decline of 13.75. The net profit for Q4 was -0.823 billion yuan due to impairment provisions [6][7]. - By the end of 2023, the company's total battery production capacity reached 49.5 GW, with a year-on-year increase of over 180%. The total shipments amounted to 29.96 GW, with N-type batteries leading in shipments [6][7]. - The company is actively expanding into overseas markets, with overseas sales accounting for approximately 4.69% of total sales in 2023, and plans to increase this to over 10% in 2024 [7][8]. - The company has implemented stock option incentive plans to stabilize talent, with over 900 core talents included in the incentive program [8]. - The company has a strong reserve of N-type batteries, with over 80% of its production capacity focused on N-type TOPCon technology, which has improved efficiency and reduced costs [12][13]. - The company expects to achieve a net profit of 1.3 billion yuan in 2024, corresponding to a PE ratio of 13 times [14].