2023年报点评：多板块助力业绩高速增长，紧抓电网智能化机遇

Investment Rating - The report maintains a "Buy" rating for the company [18]. Core Insights - The company achieved a revenue of 2.537 billion yuan in 2023, representing a year-on-year growth of 41.77%. The net profit attributable to the parent company was 281.27 million yuan, up 36.71% year-on-year [24]. - The report highlights significant growth in various business segments, particularly in testing and commissioning services, energy storage systems, and smart distribution equipment [24]. - The company has adjusted its profit forecasts for 2024-2026, expecting revenues of 3.773 billion yuan, 5.556 billion yuan, and 7.399 billion yuan, with corresponding net profits of 408.49 million yuan, 542.96 million yuan, and 754.49 million yuan [13]. Summary by Sections Financial Performance - Revenue for 2023 was 2.537 billion yuan, with a growth rate of 41.77%. The EBITDA was 365.54 million yuan, and the net profit attributable to the parent company was 281.27 million yuan, reflecting a growth rate of 36.71% [6][24]. - The company reported a significant increase in Q4 2023, with revenue of 903 million yuan, a year-on-year increase of 32.04%, and a net profit of 121 million yuan, up 74.04% year-on-year [24]. Business Segments - Testing and commissioning services generated 582 million yuan in revenue, a 64.73% increase, driven by the expansion of the company's testing business and acquisitions [24]. - Energy storage system services saw revenue of 726 million yuan, a remarkable 123.11% increase, with several large-scale projects contributing to this growth [24]. - Smart distribution equipment revenue reached 442 million yuan, up 31.85%, supported by the successful launch of new products [24]. - The robotics and drone segment experienced a slight decline, with revenue of 275 million yuan, down 7.36%, attributed to changes in customer procurement cycles [24]. Future Projections - The company expects to achieve revenues of 3.773 billion yuan in 2024, 5.556 billion yuan in 2025, and 7.399 billion yuan in 2026, with corresponding net profits of 408.49 million yuan, 542.96 million yuan, and 754.49 million yuan [13].