2023年年报点评：23年业绩超预期，市场开拓成效显著

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company achieved a total revenue of 17.061 billion, a year-on-year increase of 13.51%, and a net profit attributable to shareholders of 1.005 billion, up 28.03% year-on-year [1]. - The company has shown significant market expansion, with domestic revenue growing by 13.08% to 16.908 billion and overseas revenue increasing by 98% to 0.153 billion [1]. - The company is positioned as a core player in the ultra-high voltage flexible direct current sector, benefiting from increased grid investment and construction [1]. Financial Performance - In 2023, the company reported a gross margin of 18.00%, a decrease of 1.04 percentage points year-on-year, while the net profit margin increased by 0.45 percentage points to 6.95% [1]. - The company’s operating expenses as a percentage of revenue decreased by 0.68 percentage points to 15.63% [1]. - The forecast for 2024-2026 projects revenues of 19.887 billion, 23.672 billion, and 28.047 billion, with corresponding growth rates of 16.6%, 19.0%, and 18.5% [2][6]. Business Segments - The smart distribution and transmission system segment generated revenue of 4.577 billion, a decrease of 0.88% year-on-year, while the new energy and system integration segment saw a revenue increase of 42.03% to 3.941 billion [1]. - The intelligent meter segment achieved a revenue of 3.483 billion, up 12.55%, and the intelligent medium voltage power supply equipment segment reported a revenue of 3.141 billion, an increase of 15.25% [1]. Market Expansion - The company has made significant strides in both domestic and international markets, with notable growth in orders from major clients in the new energy sector and successful penetration into high-end markets in the Middle East, Europe, and South America [1]. - The company has also expanded its product offerings in the new energy and storage sectors, achieving breakthroughs in key technologies and applications [1].