Q1业绩超预期，海外储能业务多点开花

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 72.25 billion RMB in 2023, a year-on-year increase of 79.5%, and a net profit of 9.44 billion RMB, up 162.7% [1] - In Q1 2024, the company achieved a revenue of 12.61 billion RMB, a slight increase of 0.3% year-on-year, with a net profit of 2.10 billion RMB, growing by 39.1% [1] - The inverter business saw significant growth, with revenue reaching 27.65 billion RMB, a 61% increase, and a gross margin of 37.93%, up 5.51 percentage points [1] - The energy storage system revenue was 17.80 billion RMB, up 75.8%, with a gross margin of 37.47%, an increase of 14.23 percentage points [1] - The company has optimized its asset quality by recognizing a 7.75 billion RMB impairment for a project in Vietnam [1] - The report projects net profits of 12.28 billion RMB for 2024, 16.25 billion RMB for 2025, and 19.39 billion RMB for 2026, corresponding to P/E ratios of 11, 9, and 7 times respectively [1] Summary by Sections Financial Performance - 2023 revenue was 72.25 billion RMB, with a growth rate of 79.5% compared to 2022 [5] - Net profit for 2023 was 9.44 billion RMB, reflecting a growth rate of 162.7% [5] - Q1 2024 gross margin improved to 36.67%, up 6.14 percentage points year-on-year [1] Business Segments - Inverter revenue for 2023 was 27.65 billion RMB, with a shipment volume of 130 GW, a 68.8% increase [1] - Energy storage systems generated 17.80 billion RMB in revenue, with a shipment volume of 10.5 GWh, a 35% increase [1] Profitability and Valuation - The report adjusts profit forecasts to 12.28 billion RMB for 2024 and 16.25 billion RMB for 2025, maintaining a "Buy" rating [1]