年报业绩符合预期，技术闭环保障公司竞争优势

Investment Rating - The report maintains a "Buy" rating for the company [11][12]. Core Views - The company achieved a revenue of 6.184 billion RMB in 2023, representing a year-on-year increase of 73.19%, and a net profit of 1.461 billion RMB, up 85.28% year-on-year [11]. - The report highlights the resilience of the photovoltaic business and the impressive gross margin performance of the cutting consumables segment, with a gross margin of 58.6% for cutting consumables, up 15.5 percentage points year-on-year [12]. - The company is focusing on technological innovation to address market challenges, including the risk of oversupply in the silicon wafer industry and declining prices [12]. Financial Summary - Revenue and Profit Forecasts: - 2024E revenue is projected at 7.008 billion RMB, with a growth rate of 13.32% - 2024E net profit is forecasted at 966 million RMB, reflecting a decrease of 33.90% [4][11]. - Earnings Per Share (EPS) is expected to be 2.848 RMB in 2024, 3.562 RMB in 2025, and 4.735 RMB in 2026 [4][12]. - The company’s Price-to-Earnings (P/E) ratio is projected to be 11.36 for 2024, 9.08 for 2025, and 6.83 for 2026 [4][12].