2023年年报点评：储能持续高增，业绩符合预期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2023 met expectations, with revenue of 48.784 billion yuan, a year-on-year increase of 34%, and a net profit attributable to shareholders of 4.05 billion yuan, a year-on-year increase of 15% [3][8] - The company experienced significant growth in battery shipments, with a year-on-year increase of 80% in 2023 and an expected growth of 65% in 2024, reaching 90 GWh [3][10] - The gross profit margin for the company's batteries improved to 15.4% in 2023, contributing to a net profit of 0.03 yuan per watt-hour [3][10] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 48.784 billion yuan, with a year-on-year growth of 34.38% and a net profit of 4.05 billion yuan, reflecting a 15.42% increase [2][8] - The fourth quarter of 2023 saw revenue of 13.255 billion yuan, a 10.27% year-on-year increase, but a 25.8% decrease in net profit compared to the previous year [8][10] Shipment and Revenue Growth - The company reported a total battery shipment of 54 GWh in 2023, with a revenue of 40.3 billion yuan from energy storage, marking an 80% increase in shipments [3][10] - For 2024, the company anticipates battery shipments to reach 90 GWh, with energy storage shipments expected to double to 50 GWh [3][10] Profitability Metrics - The gross profit margin for batteries was reported at 15.4% in 2023, with energy storage showing a significant increase in profitability [3][10] - The company expects a slight decrease in profitability per watt-hour in 2024, estimating a range of 0.02 to 0.03 yuan per watt-hour [3][10] Cash Flow and Expenses - The company reported a significant increase in operating cash flow, reaching 8.676 billion yuan in 2023, a 203% year-on-year increase [11][12] - Total expenses for 2023 were 51.47 billion yuan, with a slight decrease in the expense ratio to 10.55% [11][12] Future Outlook and Valuation - The net profit forecast for 2024-2025 has been revised down to 4.78 billion yuan and 6.36 billion yuan, respectively, with a new forecast for 2026 at 8.01 billion yuan [13] - The target price for the company is set at 51 yuan, with a price-to-earnings ratio of 22x for 2024 [13]