2023年报点评：业绩偏预告上限，平台化布局成效显现

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous high growth, achieving a revenue of 6.302 billion yuan in 2023, a year-on-year increase of 78%. The net profit attributable to shareholders reached 1.258 billion yuan, up 76% year-on-year [2][8] - The gross margin slightly decreased to 36.5%, down 2.4 percentage points year-on-year, primarily due to changes in product mix. However, the company expects gross margins to improve as scale effects become more pronounced [3][9] - Inventory and contract liabilities have significantly increased, indicating strong order backlogs that support future performance. The company signed new orders worth 13.09 billion yuan in 2023, a 78% increase year-on-year [10][12] - The company is evolving into an automation platform that spans photovoltaic, lithium battery, and semiconductor sectors, with significant orders and market share in each area [12][13] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 63.0 billion yuan, with photovoltaic equipment contributing 53.6 billion yuan (85% of total revenue), lithium battery equipment 3.5 billion yuan (6%), and semiconductor equipment 0.2 billion yuan (0.3%) [2][8] - The net profit attributable to shareholders was 12.6 billion yuan, with a non-recurring net profit of 11.7 billion yuan, reflecting a year-on-year growth of 76% and 75% respectively [2][8] Profitability Metrics - The overall gross margin for 2023 was 36.5%, with a slight decline attributed to the increased proportion of single crystal furnace products. The net profit margin improved to 19.9%, up 0.3 percentage points year-on-year [3][9] - The company’s operating cash flow for 2023 was 7.82 billion yuan, a 35% increase year-on-year, indicating strong cash generation capabilities [10] Order Backlog and Inventory - As of the end of 2023, the company reported inventory of 7.6 billion yuan, a 96% increase year-on-year, and contract liabilities of 3.9 billion yuan, up 97% year-on-year. The backlog of orders stood at 13.2 billion yuan, reflecting an 80% increase year-on-year [10][12] Growth Strategy - The company is positioned as a cross-sector automation platform, with significant developments in photovoltaic, lithium battery, and semiconductor equipment. It has secured major contracts and is expanding its product offerings [12][13] Earnings Forecast - The company is expected to achieve net profits of 1.84 billion yuan, 2.35 billion yuan, and 2.99 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 14, 11, and 8 times [13]