2023年年报点评：功率预测服务电站规模稳步提升，创新类业务持续实现突破

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 456 million yuan in 2023, representing a year-on-year growth of 26.89%, and a net profit of 84 million yuan, up 25.59% year-on-year [2] - The number of serviced power stations increased by 632 to 3,590, driving a revenue increase of 18.75% in power forecasting services [2] - The company is expanding into new market demands such as abnormal weather and long-cycle forecasting [2] - Revenue from grid-connected intelligent control systems and new energy management systems grew significantly due to the rapid increase in new energy installations [2] - The company is focusing on innovative business areas such as electricity trading, energy storage, and virtual power plants, which are expected to become new growth drivers [2] - The report projects net profits of 130 million, 172 million, and 225 million yuan for 2024, 2025, and 2026 respectively, with a current price-to-earnings ratio of 34 times for 2024 [2] Summary by Relevant Sections Financial Performance - In 2023, the company reported a revenue of 456 million yuan and a net profit of 84 million yuan, with Q4 revenue at 147 million yuan, showing a 5.56% year-on-year increase [2] - The gross margin improved to 69.48%, up 1.99 percentage points year-on-year, driven by higher-margin power forecasting service revenues [2] Business Expansion - The company expanded its service stations significantly, with a total of 3,590 stations by the end of 2023 [2] - Revenue from power forecasting services reached 160 million yuan, a year-on-year increase of 18.75% [2] - The intelligent control products for grid connection saw a revenue increase of 75.81% to 97 million yuan [2] - The new energy management system revenue surged by 125.15% to 45 million yuan [2] Innovation and Future Growth - The company has made significant strides in innovative business areas, with a 124.63% increase in revenue from innovative products to 25 million yuan [2] - The company has established a presence in electricity trading across five provinces and has completed multiple energy storage projects [2] - The report highlights the potential for substantial growth in the electricity trading and virtual power plant sectors [2]