技术驱动成长，切片领先优势扩大

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [16]. Core Views - The company achieved a revenue of 61.84 billion yuan in 2023, representing a growth of 73%, and a net profit attributable to the parent company of 14.61 billion yuan, up 85%, exceeding expectations [11]. - The main revenue source remains photovoltaic cutting equipment, generating 28.77 billion yuan in 2023, with a stable gross margin of 32% [11]. - The company plans to expand its production capacity significantly, with a target of over 100GW in cutting capacity by 2026 [11]. Financial Summary - Revenue Growth: Projected revenues for 2024, 2025, and 2026 are 75.47 billion yuan, 93.72 billion yuan, and 111.61 billion yuan, respectively, with growth rates of 22.05%, 24.17%, and 19.09% [3][8]. - Net Profit: Expected net profits for the same years are 10.13 billion yuan, 13.11 billion yuan, and 16.09 billion yuan, with corresponding growth rates of -30.65%, 29.34%, and 22.81% [3][8]. - Earnings Per Share (EPS): EPS is projected to be 2.99 yuan, 3.87 yuan, and 4.75 yuan for 2024, 2025, and 2026, respectively [3][8]. - Valuation Ratios: The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 10.14x, 7.84x, and 6.39x [3][8]. Business Highlights - Cutting Services: The company has established long-term partnerships with major clients and has achieved a cutting capacity of 38GW by the end of 2023, with plans to increase this to 63GW by the end of 2024 [11]. - Wire Production: The company has significantly increased its wire output, reaching 5,600 million km in 2023, a 66% year-on-year growth, and plans to enhance its tungsten wire production [11].