2023年报及2024一季报点评：在手订单充沛，新品表现亮眼

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][6] Core Insights - The company has abundant orders on hand, with a significant increase in revenue and net profit in both the 2023 annual report and the 2024 Q1 report. The revenue for Q1 2024 reached 1.964 billion yuan, a year-on-year increase of 89.06%, while the net profit attributable to shareholders was 333 million yuan, up 50.44% year-on-year [2][3] - The company has achieved substantial growth in its photovoltaic equipment, lithium battery equipment, and semiconductor businesses, with new orders signed amounting to 13.094 billion yuan in 2023, reflecting a year-on-year growth of 77.57% [3][4] - The company is advancing its product development in the photovoltaic sector, particularly with the 0BB technology, and has secured significant orders from leading clients [4][6] Financial Performance Summary - For 2023, the company reported total revenue of 6.302 billion yuan, a year-on-year increase of 78.05%, and a net profit of 1.256 billion yuan, up 76.10% year-on-year [2][5] - The company expects to achieve revenues of 9.503 billion yuan, 12.516 billion yuan, and 14.626 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.835 billion yuan, 2.408 billion yuan, and 2.913 billion yuan [4][5] - The company's gross margin for 2023 was 36.55%, with a slight decrease compared to the previous year, while the net profit margin was 19.93% [3][4] Market Position and Strategy - The company is strategically positioned in the photovoltaic, lithium battery, and semiconductor sectors, with a focus on technological advancements and market expansion [4][6] - The company has a strong order backlog, with total orders on hand amounting to 13.204 billion yuan as of December 31, 2023, reflecting a year-on-year increase of 80.33% [3][4] - The company is expected to maintain a solid position in the string welding machine market and continue to push forward with new product developments [4][6]