收入端快速增长，打造智能配用电操作系统生态

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 35.50 CNY for the next six months, which corresponds to a dynamic price-to-earnings ratio of 45 times for 2024 [2][14]. Core Insights - The company is expected to benefit significantly from the high growth trend in the energy industry's digitalization and the construction of new power systems. Projected revenues for 2024, 2025, and 2026 are 41.12 billion CNY, 60.13 billion CNY, and 82.42 billion CNY respectively, with net profits of 4.46 billion CNY, 6.24 billion CNY, and 8.07 billion CNY [2][5]. - In 2023, the company achieved a revenue of 25.37 billion CNY, representing a year-on-year growth of 41.77%, and a net profit of 2.81 billion CNY, up 36.71% year-on-year [5][6]. Financial Performance - The company's main revenue sources include: - Energy storage system technical services: 7.26 billion CNY (YoY +123.11%), with a gross margin of 14.69% [6]. - Testing and service revenue: 58.22 billion CNY (YoY +64.73%), with a gross margin of 42.34% [6]. - Intelligent power distribution equipment: 4.42 billion CNY (YoY +31.85%), with a gross margin of 34.32% [6]. - Intelligent monitoring equipment: 2.58 billion CNY (YoY +5.04%), with a gross margin of 35.48% [6]. - Robotics and drone business: 2.75 billion CNY (YoY -7.36%), with a gross margin of 30.42% [6]. - The company’s revenue from Guangdong province was 17.84 billion CNY (YoY +35.32%), while revenue from outside Guangdong was 7.45 billion CNY (YoY +63.56%) [6]. Future Projections - The company is projected to see significant revenue growth, with expected revenues of 41.12 billion CNY in 2024, 60.13 billion CNY in 2025, and 82.42 billion CNY in 2026 [2][4]. - Net profit is expected to grow to 4.46 billion CNY in 2024, 6.24 billion CNY in 2025, and 8.07 billion CNY in 2026 [2][4]. Market Position - The company has established a leading position in the energy storage sector, with significant project wins including a storage project in Foshan with a bid amount exceeding 5 billion CNY [5][6]. - The company has developed the "Silk Road" operating system for intelligent power distribution, which is expected to enhance its competitive edge in the market [7].