S.C(SZ:300724) EBSCN·2024-04-22 07:02Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company achieved a revenue of 8.733 billion yuan in 2023, a year-on-year increase of 45.43%, and a net profit of 1.634 billion yuan, up 56.04% year-on-year [2][3]. - The rapid growth in equipment sales is driven by the large-scale expansion of TOPCon battery technology, with solar cell production equipment shipments increasing by 221.27% to 34,093 units in 2023 [2][3]. - The company has seen a significant increase in its order backlog, with contract liabilities reaching 18.111 billion yuan, a 211.6% year-on-year increase [3]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 2.328 billion yuan, a 33.15% increase year-on-year, and a net profit of 411 million yuan, up 81.77% year-on-year [2]. - The company plans to distribute a cash dividend of 12 yuan per 10 shares (tax included) [2]. R&D and Technological Advancements - R&D investment increased by 63.29% to 467 million yuan in 2023, accounting for 5.35% of revenue [3]. - The company has made breakthroughs in various technologies, including the development of advanced equipment for TOPCon and HJT technologies, as well as innovations in perovskite solar cells and silicon carbide high-temperature treatment equipment for semiconductors [3]. Future Projections - The company’s net profit forecasts for 2024-2026 are adjusted to 2.629 billion yuan, 3.440 billion yuan, and 3.967 billion yuan, respectively [3]. - The current stock price corresponds to a PE ratio of 8 times for 2024 [3].