自有品牌优势显著，储能产能释放在即

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong expectation for the stock to outperform the benchmark index by over 20% [29]. Core Insights - The company has a significant advantage with its proprietary brand and is set to release storage capacity soon, which is expected to create new growth opportunities [19][31]. - The company is a leader in the industry with a full supply chain capability, enhancing its profit margins and risk management [31]. - The company has established a strong presence in the North American market with its own brand products, entering major sales channels [31]. - The storage capacity project is nearing completion, with expected operational use in the second half of 2024, which could become a new growth driver [31]. Financial Performance - The company reported a revenue of 2.661 billion yuan in 2023, a decrease of 2.35% year-on-year, with a net profit of 226 million yuan, reflecting a growth of 10.67% [17]. - Revenue forecasts for 2024, 2025, and 2026 are projected at 3.103 billion, 3.986 billion, and 4.856 billion yuan, with year-on-year growth rates of 16.62%, 28.43%, and 21.84% respectively [5][20]. - The company's net profit for the same period is expected to be 251.64 million, 336.12 million, and 429.65 million yuan, with growth rates of 11.28%, 33.57%, and 27.82% respectively [5][20]. Valuation Metrics - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 13.46, 10.08, and 7.89 respectively [5][20]. - The company’s asset-liability ratio stands at 45.5% as of April 2024 [2].