业绩维持增长态势，海外业务成长显著

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 229.93 CNY per share, compared to the current price of 146.80 CNY [2][3]. Core Insights - The company reported a revenue of 3.663 billion CNY for 2023, representing a year-over-year increase of 35.39%. The net profit attributable to shareholders was 911 million CNY, up 11.36% year-over-year. The overall gross margin for the year was 37.51%, a decrease of 2.80 percentage points [1][2]. - In Q4 2023, the company achieved a revenue of 1.044 billion CNY, a year-over-year increase of 25.62% and a quarter-over-quarter increase of 12.2%. The net profit for the quarter was 252 million CNY, reflecting a year-over-year increase of 10.92% and a quarter-over-quarter increase of 10.53%. The gross margin for Q4 was 40.47%, an increase of 3.88 percentage points from the previous quarter [1][2]. - The company experienced steady growth across various segments, with significant growth in overseas business. The revenue from the new energy sector reached 2.156 billion CNY, up 48.09% year-over-year, while the industrial control sector generated 1.279 billion CNY, a 15.64% increase. The white goods and other sectors saw revenue of 203 million CNY, up 69.48% [1][2]. - The overseas subsidiary, SIDA Europe, achieved revenue of 311 million CNY, a remarkable year-over-year increase of 226.66%. Other export businesses generated 77 million CNY, up 70.88% [1][2]. - Looking ahead to 2024, the company expects strong growth driven by overseas business and silicon carbide (SiC) developments. The company has begun large-scale deliveries of automotive IGBT modules to Tier 1 suppliers in Europe and has multiple new contracts. The seventh-generation IGBT modules are also being installed in North American power stations [1][2]. - The company has initiated mass production of SiC modules in partnership with Deep Blue Automotive, which is expected to contribute to growth as the market for 800V fast charging expands [1][2]. Financial Summary - The company forecasts earnings per share (EPS) of 6.56 CNY, 8.38 CNY, and 10.15 CNY for 2024, 2025, and 2026, respectively. The report assigns a 35x price-to-earnings (P/E) ratio for 2024, leading to a fair value estimate of 229.93 CNY per share [1][2][4].