StarPower(SH:603290) KAIYUAN SECURITIES·2024-04-09 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company achieved steady revenue growth in 2023, with a total revenue of 3.663 billion yuan, representing a year-on-year increase of 35.39%. The net profit attributable to shareholders was 911 million yuan, up 11.36% year-on-year [6] - The report highlights the company's strong performance in the new energy sector, with revenue reaching 2.156 billion yuan, a year-on-year increase of 48.09%, accounting for 58.9% of total revenue [7] - The company is expected to continue its growth trajectory, with projected net profits of 1.172 billion yuan, 1.441 billion yuan, and 1.785 billion yuan for 2024, 2025, and 2026, respectively [6][9] Financial Performance Summary - In Q4 2023, the company reported a revenue of 1.044 billion yuan, a year-on-year increase of 25.62%, and a gross margin of 40.47%, which is an improvement of 1.91 percentage points year-on-year [6] - The company's revenue from the industrial control and power supply sectors was 1.279 billion yuan, a year-on-year increase of 15.64%, while the revenue from variable frequency white goods and other sectors grew by 69.48% to 203 million yuan [7] - The company’s IGBT modules for electric vehicle motor controllers have seen significant demand, with over 2 million units supplied to new energy vehicles [8] Future Growth Potential - The company is expanding its market share in various sectors, including automotive air conditioning and charging stations, which are expected to drive future growth [8] - The report indicates that the company’s self-developed SiC MOSFET chips have passed validation with multiple customers and are beginning to be shipped in volume, indicating strong future demand [8] - The projected earnings per share (EPS) for the next three years are 6.86 yuan, 8.43 yuan, and 10.44 yuan, with corresponding price-to-earnings (P/E) ratios of 22.3, 18.2, and 14.7 [6][9]