2023年年报及2024年一季报点评：高研发投入构建核心壁垒；1Q24合同负债增长82%

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its market position and growth potential [2][5]. Core Insights - The company reported a revenue of 1.47 billion yuan in 2023, a year-over-year decline of 14.4%, with a net profit attributable to shareholders of 100 million yuan, down 65.8% year-over-year. The first quarter of 2024 saw revenues of 200 million yuan, a 59.8% decline year-over-year, and a net loss of 39 million yuan [2]. - The decline in performance is attributed to the impact of downstream demand fluctuations, with expectations for recovery as demand stabilizes and production capacity is released [2]. - The company has invested heavily in research and development, with a R&D expense ratio of 22.7% in 2023, reflecting a commitment to building core competitive advantages [2]. - The company is positioned as a leader in the special power supply sector, with strong growth in integrated circuits and micro-modules, and is expanding into the renewable energy sector through new investments [2]. Financial Summary - In 2023, the company's gross margin decreased by 2.3 percentage points to 45.5%, and the net profit margin decreased by 9.9 percentage points to 7.1% [2]. - Revenue from power supply and motor drives was 1.36 billion yuan, down 15.1% year-over-year, while revenue from integrated circuits and micro-modules grew by 35% to 70 million yuan [2]. - The company expects net profits to recover to 210 million yuan in 2024, 330 million yuan in 2025, and 440 million yuan in 2026, with corresponding price-to-earnings ratios of 22x, 14x, and 10x [2][3].