盈利能力提升，新能源业务蓬勃发展

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported a Q1 2024 revenue of 464 million yuan, a year-on-year decrease of 19.30%, while the net profit attributable to shareholders was 53 million yuan, reflecting a year-on-year increase of 17.21% [2]. - The gross margin improved by 4.13 percentage points to 20.46% in Q1 2024, indicating enhanced profitability despite revenue decline [2]. - Cash flow from sales increased by 53.18% year-on-year to 527 million yuan, demonstrating strong cash generation capabilities [3]. - The company is focusing on expanding its new energy business, particularly in the photovoltaic sector, with plans to achieve an annual capacity of 5GW in the shortest time possible [3]. Financial Performance Summary - Revenue (in million yuan): - 2022A: 1,949 - 2023A: 2,879 - 2024E: 3,685 - 2025E: 4,532 - 2026E: 5,348 - Year-on-year growth rates for revenue: - 2022: 42.4% - 2023: 47.7% - 2024E: 28.0% - 2025E: 23.0% - 2026E: 18.0% [4]. - Net profit (in million yuan): - 2022A: 119 - 2023A: 202 - 2024E: 241 - 2025E: 293 - 2026E: 358 - Year-on-year growth rates for net profit: - 2022: -17.2% - 2023: 70.0% - 2024E: 19.1% - 2025E: 21.4% - 2026E: 22.2% [4]. Cash Flow and Balance Sheet Summary - The company’s cash flow from operating activities was 401 million yuan in 2023, with a projected increase to 308 million yuan in 2024E [4]. - The total assets are expected to grow from 3,394 million yuan in 2023A to 4,406 million yuan in 2024E [9]. - The company’s total liabilities are projected to increase from 1,668 million yuan in 2023A to 2,088 million yuan in 2024E [9].