盈利能力稳步提升，新颁布员工持股计划稳定信心

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company's profitability is steadily improving, supported by a newly announced employee stock ownership plan that stabilizes confidence [2][10] - The company achieved a revenue of 31.5 billion yuan in 2023, representing a year-on-year growth of 17.2%, with a net profit of 4.6 billion yuan, up 33.7% year-on-year [10] - The company aims for a revenue growth target of 15% and a profit growth target of 20% for 2024, indicating a stable and robust growth strategy [13] Financial Summary - Revenue projections for 2024, 2025, and 2026 are 36.5 billion yuan, 42.3 billion yuan, and 49.7 billion yuan, respectively, with year-on-year growth rates of 15.8%, 16.1%, and 17.5% [13] - Expected net profits for the same years are 5.5 billion yuan, 6.5 billion yuan, and 7.5 billion yuan, with growth rates of 20.2%, 17.9%, and 16.2% [13] - The company reported a gross margin of 37.9% in 2023, an increase of 3.7 percentage points year-on-year, attributed to lower raw material costs and improved operational efficiency [10][13] - The diluted earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.52 yuan, 0.61 yuan, and 0.71 yuan, respectively [3]