2024Q1业绩符合预期，新签订单表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4]. Core Views - The company reported Q1 2024 results that met expectations, with revenue of 1.964 billion yuan, a year-on-year increase of 89.06%, and a net profit of 333 million yuan, up 50.44% year-on-year. The new signed orders reached 3.445 billion yuan, reflecting a 31.50% year-on-year growth, showcasing the company's resilience in a challenging market [1][2]. - The company is positioned as a leader in the photovoltaic equipment sector, particularly benefiting from the rapid adoption of 0BB technology, which is expected to drive significant growth in the coming years [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 1.964 billion yuan, representing an increase of 89.06% year-on-year. The net profit attributable to shareholders was 333 million yuan, up 50.44% year-on-year, while the net profit excluding non-recurring items was 339 million yuan, a year-on-year increase of 61.25% [1]. - The company’s gross margin was 34.52%, down 2.08 percentage points year-on-year, and the net margin was 18.31%, down 2.50 percentage points year-on-year, attributed to a more diversified product structure [1]. Order and Market Position - As of March 31, 2024, the company had new signed orders totaling 3.445 billion yuan, a year-on-year increase of 31.50%. The total backlog of orders stood at 14.351 billion yuan, reflecting a 64.11% year-on-year growth [1]. - The company has maintained a strong market position, with over 60% market share in the string welding machine segment and significant advancements in TOPCon technology [2]. Future Projections - The report projects the company’s net profit for 2024 to be 1.84 billion yuan, with expected growth rates of 47%, 32%, and 18% for the years 2024, 2025, and 2026, respectively. The current stock price corresponds to a price-to-earnings ratio (P/E) of 13, 10, and 8 times for the respective years [2][3].