2023年业绩稳健增长，功率预测服务夯实基本盘

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 51.82 CNY over the next six months, compared to the current stock price of 40.82 CNY [4]. Core Insights - The company achieved a revenue of 456 million CNY in 2023, representing a year-on-year growth of 26.89%. The net profit attributable to shareholders was 84.25 million CNY, up 25.59% year-on-year [2][3]. - The company is expanding its market presence in virtual power plant operations and has obtained aggregator qualifications in several provinces, indicating a strategic move towards new business models [4][16]. - The company is positioned as a leader in renewable energy power forecasting, leveraging its core technology to enhance energy data services and expand into new business areas such as power market trading and virtual power plants [16]. Financial Performance - Revenue breakdown shows that the income from renewable energy power forecasting products was 268 million CNY, with a gross margin of 69.48%, an increase of 1.99 percentage points from the previous year [3]. - The company’s R&D investment was 94.51 million CNY, accounting for 20.72% of total revenue, with a capitalization ratio of 7.5% [3]. - The projected revenues for 2024, 2025, and 2026 are 582 million CNY, 737 million CNY, and 924 million CNY, respectively, with net profits expected to be 114 million CNY, 152 million CNY, and 186 million CNY [16][17]. Market Dynamics - The company has seen a significant increase in the number of serviced power stations, growing from 2,958 at the end of 2022 to 3,590 by the end of 2023, reflecting a net increase of 632 stations [3]. - The revenue from the intelligent control systems for grid-connected renewable energy increased by 75.81% year-on-year, indicating strong demand in this segment [3]. - The company is actively tracking regulatory changes in various provinces to ensure compliance and enhance its service offerings [3].