2023年公司业绩平稳增长，新能源装机稳步增加

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The company achieved a revenue of 3.328 billion yuan in 2023, representing a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 802 million yuan, up 9.54% year-on-year. However, the net profit for Q4 2023 saw a decline of 26.51% compared to the previous year [1][5]. - The growth in revenue and net profit is primarily attributed to the increase in installed capacity for wind and solar energy, leading to higher electricity generation, alongside a reduction in expense ratios [1][5]. - The average on-grid electricity price for solar power decreased by 10% to 0.477 yuan/kWh, while the average price for wind power fell by 2% to 0.443 yuan/kWh. Despite this, the impact of price fluctuations on existing projects is limited, with potential marginal improvements expected in future electricity trading and policy [1][21][50]. Summary by Sections Financial Performance - In 2023, the company reported a total installed capacity of 4,480 MW, with solar power capacity at 3,097 MW (up 22% year-on-year) and wind power capacity at 1,257 MW (up 3% year-on-year) [1][20]. - The total electricity generation for 2023 was 7.148 billion kWh, an increase of 13.86% year-on-year, with wind power generation at 3.184 billion kWh (up 8.2%) and solar power generation at 3.916 billion kWh (up 17.4%) [6][17]. - The company's gross margin for 2023 was 56.99%, down 5.72 percentage points year-on-year, primarily due to a significant increase in operating costs [1][25]. Future Outlook - The company plans to increase its approved installed capacity to over 13 GW by 2025, with a current approved capacity of 6,448 MW, reflecting a 16% year-on-year growth [1][12]. - The projected earnings per share (EPS) for 2024-2026 are expected to be 0.50, 0.71, and 0.87 yuan, respectively, with a corresponding price-to-earnings (PE) ratio of 11.8, 8.3, and 6.7 times [1][13]. - The company is expected to maintain steady growth in performance due to the continuous increase in installed capacity and the gradual stabilization of project profitability despite the decline in on-grid electricity prices [1][57].