聚焦新能源赛道，业绩稳健增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [4][12]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with revenue reaching 72.251 billion yuan, up 79.47% year-on-year, and net profit at 9.44 billion yuan, up 162.69% year-on-year [6][7]. - For Q1 2024, the company achieved revenue of 12.614 billion yuan, a slight increase of 0.26% year-on-year, and net profit of 2.096 billion yuan, up 39.05% year-on-year [6][7]. - The company has been focusing on the renewable energy sector, particularly in solar inverters and energy storage systems, maintaining its position as a market leader with 130 GW of solar inverter shipments in 2023 [10][9]. Financial Performance Summary - 2023 Financials: - Revenue: 72.251 billion yuan, +79.47% YoY - Net Profit: 9.44 billion yuan, +162.69% YoY - Gross Margin: 30.36%, +5.81 percentage points YoY - Net Margin: 13.3%, +4.14 percentage points YoY [6][8][9]. - 2024 Projections: - Expected Revenue: 83.118 billion yuan, +15.0% YoY - Expected Net Profit: 10.818 billion yuan, +14.6% YoY - Projected PE Ratios: 18.6 for 2024, 16.3 for 2025, and 13.9 for 2026 [2][3][11]. Market Strategy and Innovation - The company is enhancing its global service network and has established over 20 subsidiaries across six major service regions worldwide, focusing on Europe, America, and Australia [9][10]. - Continuous investment in R&D is aimed at improving product innovation, particularly in power electronics and grid support technologies, ensuring a competitive edge in the market [9][10].