逆变器海外实现突破，发力布局制氢业务

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 18.60 CNY and a fair value of 27.23 CNY [1]. Core Insights - The company reported a revenue of 3.752 billion CNY for 2023, representing a year-on-year increase of 33.56%. The net profit attributable to shareholders was 502 million CNY, up 88.18% year-on-year. The gross margin was 35.76%, and the net margin was 13.47% [7]. - In Q1 2024, the company achieved a revenue of 549 million CNY, a decrease of 10.04% year-on-year, with a net profit of 55 million CNY, down 29.46% year-on-year. The gross margin improved to 43.96%, while the net margin decreased to 11.38% [7]. - The company has made significant progress in the renewable energy sector, particularly in photovoltaic inverters, with overseas sales contributing to growth. In 2023, the revenue from the renewable energy sector was 3.099 billion CNY, a 34.46% increase year-on-year, with a gross margin of 34.08% [7]. - The company is diversifying its business into transmission, energy storage, and hydrogen energy, aiming to establish itself as a platform-based power electronics company. The revenue from engineering transmission was 481 million CNY, up 29.76% year-on-year, with a gross margin of 45.57% [7]. - The earnings forecast for 2024-2026 is EPS of 1.36 CNY, 1.88 CNY, and 2.13 CNY per share, respectively. The company is expected to maintain a high market share in wind power converters and steady growth in photovoltaic inverter shipments [7]. Financial Summary - For 2023, the company reported total revenue of 3.752 billion CNY, with a growth rate of 33.6%. The net profit attributable to shareholders was 502 million CNY, reflecting an 88.2% growth rate [8]. - The projected revenue for 2024 is 4.701 billion CNY, with an expected growth rate of 25.3%. The net profit is forecasted to be 603 million CNY, with a growth rate of 20.2% [8]. - The company's EPS is projected to increase from 1.13 CNY in 2023 to 1.36 CNY in 2024, with a P/E ratio decreasing from 22.12 to 13.66 over the same period [8].