智能缆网稳步发展，锂电业务承压

Investment Rating - The investment rating for the company is "Buy-A" [1][9]. Core Views - The company has shown steady growth in its smart cable network business, achieving a revenue of 24.465 billion yuan in 2023, a year-on-year increase of 12.85%. However, the net profit attributable to shareholders decreased by 42.09% to 320 million yuan due to increased losses in the smart battery business [1][9]. - The smart battery segment reported a revenue of 590 million yuan in 2023, up 19.12% year-on-year, but faced a gross margin decline of 17.77%, primarily due to intensified competition in the lithium battery copper foil industry [1][9]. - The company has a robust order backlog, with over 23.631 billion yuan in orders received, reflecting a year-on-year increase of 21.63% [1][9]. Financial Performance - In 2023, the company achieved a net operating cash flow of 497 million yuan, a significant increase of 54.02% year-on-year [1]. - The company’s R&D investment reached 713 million yuan in 2023, representing a year-on-year growth of 7.26% [18]. - The projected net profits for 2024, 2025, and 2026 are expected to be 808 million yuan, 1.039 billion yuan, and 1.342 billion yuan, respectively, with corresponding EPS of 0.36 yuan, 0.47 yuan, and 0.60 yuan [9][10]. Business Segments - The smart cable network business generated 22.598 billion yuan in revenue in 2023, with a gross margin of 12.38%, down 0.75 percentage points year-on-year [1]. - The company is expanding its presence in the clean energy sector, participating in significant projects such as the first "wind-solar-fire-storage integrated" high-voltage transmission project in China [1]. - The smart airport business achieved a revenue of 1.222 billion yuan in 2023, despite a year-on-year decline of 14.87%, but the order intake increased by 151% [1][9].