2023年报点评：Q4业绩符合预期，动力亏损环比显著缩窄

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Q4 performance met market expectations, with a revenue of 47.86 billion yuan in 2023, down 8% year-on-year, and a net profit of 1.08 billion yuan, up 0.8% year-on-year [2][3] - The company anticipates a significant increase in power battery shipments in 2024, potentially doubling to around 20 GWh, driven by demand from downstream clients [2][3] - The company is expected to achieve breakeven in its power business as shipment volumes increase, with a notable improvement in management cost control [2][3] - The consumer electronics segment is gradually recovering, with a projected revenue growth of about 10% in 2024 [2][3] - The company has reduced capital expenditures and reported a substantial increase in operating cash flow, indicating improved financial health [2][3] Summary by Sections Financial Performance - In 2023, total revenue was 47.86 billion yuan, with a year-on-year decrease of 8.24%. The net profit attributable to shareholders was 1.08 billion yuan, reflecting a slight increase of 0.77% [2][3] - Q4 revenue was 13.5 billion yuan, down 13% year-on-year but up 12% quarter-on-quarter. The net profit for Q4 was 270 million yuan, down 28% year-on-year and 25% quarter-on-quarter [2][3] Business Segments - Power Storage: The company reported power revenue of 10.8 billion yuan in 2023, down 15% year-on-year, with battery shipments of 11.7 GWh, a decrease of 4% year-on-year. Q4 shipments were approximately 3.7 GWh [2][3] - Consumer Electronics: The company maintained growth in consumer battery shipments, with total revenue of 28.5 billion yuan in 2023, down 11% year-on-year. The mobile phone segment accounted for 72% of this revenue [2][3] Financial Health - Operating cash flow for 2023 was 3.6 billion yuan, a significant increase of 548% year-on-year. Capital expenditures were reduced by 35% to 5.8 billion yuan [2][3] - The company ended 2023 with cash reserves of 18.4 billion yuan, a decrease of 4.74% from the beginning of the year [2][3] Investment Outlook - The company has raised its net profit forecasts for 2024 and 2025, projecting 1.42 billion yuan and 1.83 billion yuan respectively, with corresponding P/E ratios of 18.81 and 14.62 [2][3]