试验检测业务持续扩张，储能业务实现高质量发展

Investment Rating - The report maintains an "Accumulate" rating for the company [5][6][32] Core Insights - The company achieved a revenue of 2.537 billion yuan in 2023, representing a year-on-year growth of 41.77%, and a net profit attributable to shareholders of 281 million yuan, up 36.71% year-on-year [5][15] - The company plans to distribute a cash dividend of 99 million yuan, accounting for 35% of the net profit attributable to shareholders [5][15] - The fourth quarter of 2023 saw significant growth, with revenue reaching 903 million yuan, a year-on-year increase of 32.04% and a quarter-on-quarter increase of 139.02% [39] Revenue and Profitability - The company’s revenue from smart distribution and power supply equipment reached 442 million yuan in 2023, up 31.85% year-on-year, with a gross margin of 34.32%, an increase of 8.27 percentage points [2][5] - The revenue from the energy storage system technology services grew significantly to 726 million yuan, a year-on-year increase of 123.11%, with a gross margin of 14.69%, up 3.08 percentage points [12][21] - The testing and commissioning services revenue was 582 million yuan, reflecting a year-on-year growth of 64.73%, with a gross margin of 42.34% [11][41] Financial Forecasts - The company is expected to achieve net profits of 453 million yuan, 621 million yuan, and 814 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 34, 25, and 19 times [6][31][46] - Revenue projections for 2024-2026 are estimated at 3.541 billion yuan, 4.727 billion yuan, and 6.316 billion yuan, with year-on-year growth rates of 39.6%, 33.5%, and 33.6% [31][46] Market Position and Competitive Landscape - The company has a market share of over 30% in the broadband carrier module segment within the Southern Power Grid [2] - The company is actively expanding its testing services from Guangdong to Guizhou and Guangxi, enhancing its market presence in the testing and commissioning sector [11][41]