Hainan Jinpan Smart Technology (SH:688676) EBSCN·2024-03-21 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company achieved a revenue of 6.668 billion yuan in 2023, representing a year-on-year growth of 40.50%, and a net profit of 505 million yuan, up 78.15% year-on-year [1]. - The company is actively pursuing digital transformation and capacity expansion, which has enhanced its order-taking capabilities, resulting in a significant increase in sales orders [1]. - The overseas business has shown remarkable performance, with export revenue reaching 1.177 billion yuan, a year-on-year increase of 79.54% [1][2]. - The company has made significant strides in the energy storage and digital factory solution sectors, with energy storage revenue soaring by 546.95% to 414 million yuan in 2023 [2]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 1.895 billion yuan, a 21.59% increase year-on-year, and a net profit of 171 million yuan, up 48.76% year-on-year [1]. - The overall gross margin improved by 2.52 percentage points to 22.81% in 2023 [1]. Business Expansion - The company has successfully built an overseas sales network, with products and services now available in 86 countries and regions, and has obtained 306 domestic and international certifications [1]. - The company secured new energy storage system orders worth 641 million yuan, reflecting a year-on-year growth of 144.87% [2]. Future Outlook - The company is expected to continue benefiting from the rapid development of the renewable energy sector and the expansion of its transformer exports [2]. - Profit forecasts for 2024-2026 are projected at 717 million, 1.015 billion, and 1.325 billion yuan, respectively, with corresponding EPS of 1.68, 2.38, and 3.10 yuan [2].