2023年年报点评：盈利能力改善明显，稳步拓展新领域助力成长

Investment Rating - The report maintains a "Buy" rating for the company [4][12]. Core Insights - The company's various business segments are performing steadily, with profitability continuing to improve. In 2023, the revenue from the distribution electrical business grew by 12.43% to 2.809 billion yuan, while the overall gross margin increased by 1.85 percentage points to 32.45% [1]. - The digital strategy has shown significant results, with the Haiyan factory fully operational, allowing the company to leverage new manufacturing and information technologies [2]. - The company is focusing on enhancing its core competitiveness through technology research and development, establishing a strong market position in high-end low-voltage electrical markets [11]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.585 billion yuan, a year-on-year increase of 10.30%, and a net profit of 511 million yuan, up 21.15% year-on-year [10][13]. - The company expects net profits for 2024, 2025, and 2026 to be 587 million yuan, 664 million yuan, and 737 million yuan respectively, with corresponding EPS of 0.52, 0.59, and 0.66 yuan [12][13]. Business Segments - The distribution electrical business saw a revenue increase of 12.43% to 2.809 billion yuan, while the terminal electrical business revenue decreased by 3.21% to 1.097 billion yuan [1]. - The smart electrical business experienced a remarkable growth of 58.24%, reaching 220 million yuan in revenue [1]. Digital Strategy and R&D - The company has implemented AI-driven customer service and enhanced product design efficiency through modularization and standardization [2]. - In 2023, the company applied for 339 patents, including 84 invention patents, and established a collaborative research environment to boost technological advancements [11]. Market Position and Future Outlook - The company is well-positioned in the low-voltage electrical sector and is exploring new market opportunities in smart homes and electric vehicles [12]. - The report suggests that despite short-term challenges in downstream demand, the company is expected to achieve long-term growth through market expansion and innovation [12].