Acrel(SZ:300286) Soochow Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.122 billion yuan for 2023, a year-on-year increase of 10%, and a net profit attributable to shareholders of 201 million yuan, up 18% year-on-year. The Q4 revenue was 247 million yuan, showing a slight increase of 0.4% year-on-year but a decrease of 27% quarter-on-quarter [1] - The company is actively expanding into overseas markets to mitigate the slowdown in downstream demand, achieving a 128% year-on-year increase in overseas revenue. The revenue from enterprise microgrids and systems is expected to grow nearly 20% in 2024 [1] - The company is focusing on product upgrades and enhancing its product array, with a significant increase in R&D investment, which is expected to lead to rapid profit growth once the downstream market recovers [1] - The company has shown a significant improvement in cash flow, with a net cash inflow from operating activities of 315 million yuan, a year-on-year increase of 93.52% [1] Financial Summary - For 2023, the company achieved a gross margin of 46.39%, an increase of 0.24 percentage points year-on-year, and a net profit margin of 17.95%, up 1.20 percentage points year-on-year [1] - The company’s operating expenses increased by 10% to 359 million yuan, with sales expenses rising by 19% to 163 million yuan due to increased sales efforts and overseas team expansion [1] - The forecast for net profit attributable to shareholders is adjusted to 250 million yuan for 2024 and 330 million yuan for 2025, with an expected net profit of 410 million yuan for 2026, reflecting growth rates of 25%, 30%, and 26% respectively [1]