公司事件点评报告：海外业务强势增长，数字化赋能生产

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 6.668 billion yuan, a year-on-year increase of 40.50%, and a net profit of 505 million yuan, up 78.15% [2][3] - The strong performance is attributed to growth in overseas business, digital transformation, and increased sales in the new energy sector [2][4] - The company has expanded its overseas business significantly, with overseas sales reaching 1.177 billion yuan, a year-on-year increase of 79.54%, accounting for 18% of total revenue [2][3] Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 22.81%, an increase of 2.52 percentage points year-on-year, and a net profit margin of 7.53% [2] - The transformer and power distribution product lines saw revenue growth of 36% to 6.141 billion yuan, while energy storage product revenue surged 547% to 414 million yuan [2][3] Business Segments - The new energy sector's revenue grew by 68.21% to 3.723 billion yuan, with solar power contributing 51%, wind power 30%, and energy storage 17% [2] - The company has successfully built digital factories and secured digital solution orders totaling 229 million yuan in 2023, with cumulative orders exceeding 600 million yuan [3] Future Outlook - Revenue projections for 2024-2026 are adjusted to 9.116 billion yuan, 11.897 billion yuan, and 14.637 billion yuan, respectively, with EPS estimates of 1.84 yuan, 2.55 yuan, and 3.24 yuan [4][6] - The company is expected to continue benefiting from its digital solutions and strong growth in the energy storage sector, with new orders for energy storage systems reaching 641 million yuan, a 144.87% increase year-on-year [3][4]