变压器盈利能力高增，海外布局持续深化

Investment Rating - The report assigns a rating of "Accumulate" to the company, with a target price of 47.00 CNY based on a 25x PE for 2024 [6]. Core Insights - The company achieved a revenue of 6.668 billion CNY in 2023, representing a year-on-year increase of 40.50%, and a net profit of 505 million CNY, up 78.15% year-on-year [2][3]. - The growth in revenue is driven by strong demand and cost reduction efforts, particularly in the new energy sector, where sales increased by 68.21%, with photovoltaic-related revenue growing by 88.95% and energy storage revenue surging by 302.58% [3][4]. - The company has made significant strides in expanding its overseas market presence, achieving overseas sales of 1.177 billion CNY, a 79.54% increase year-on-year, and securing foreign orders worth 1.991 billion CNY, up 119.18% [4]. - Research and development investments increased by 42.06% in 2023, with a focus on high-voltage products and digital factory solutions, which are expected to drive future growth [4][5]. Financial Summary - Revenue projections for 2024-2026 are 9.564 billion CNY, 12.689 billion CNY, and 15.892 billion CNY, with corresponding growth rates of 43.44%, 32.67%, and 25.24% [5][6]. - Net profit forecasts for the same period are 804 million CNY, 1.176 billion CNY, and 1.600 billion CNY, with growth rates of 59.35%, 46.22%, and 36.03% respectively [5][6]. - The company's earnings per share (EPS) are projected to be 1.88 CNY, 2.75 CNY, and 3.74 CNY for 2024, 2025, and 2026, respectively, indicating a 3-year CAGR of 46.89% [5][6].