业绩符合市场预期，海外市场订单增速亮眼

Investment Rating - The report maintains an "OUTPERFORM" rating for Jinpan Technology [3][10][12] Core Views - In 2023, the net profit attributable to shareholders increased by 78.15%, meeting market expectations with a revenue of 6.668 billion yuan, a year-on-year increase of 40.50% [12][16] - The company benefited from accelerated global energy transformation, achieving significant growth in overseas orders, with overseas revenue reaching 1.18 billion yuan, up 79.54% year-on-year, accounting for 17.77% of total revenue [4][13] - The digital strategy has empowered production management, leading to cost reductions and efficiency improvements, contributing to a gross profit margin increase of 2.52 percentage points in 2023 [14][16] Financial Performance - The company achieved a revenue of 6.668 billion yuan in 2023, with a net profit of 505 million yuan, reflecting a 40.50% and 78.15% year-on-year growth respectively [12][16] - The comprehensive gross profit margin for 2023 was 22.81%, an increase of 2.52 percentage points year-on-year, while the net profit margin was 7.53%, up 1.56 percentage points [12][16] - The forecast for operating revenue from 2024 to 2026 is estimated at 9.1 billion yuan, 12.044 billion yuan, and 15.141 billion yuan respectively, with corresponding net profits of 780 million yuan, 1.052 billion yuan, and 1.345 billion yuan [16] Business Segments - The transformer business accounted for 61.3% of total revenue in 2023, while the energy storage segment saw a remarkable sales growth rate of 302.58%, indicating its potential as a second growth curve for the company [15][16] - The company has established a strong presence in overseas markets, with products exported to 86 countries and new orders amounting to 7.832 billion yuan, a year-on-year increase of 35.14% [4][13]