YCXN(SZ:300080) East Money Securities·2024-04-25 08:00Investment Rating - The report maintains a rating of "Accumulate" for the company [15]. Core Views - The company is expected to recover its performance with a multi-point layout in new energy and new materials, despite a significant decline in revenue and net profit in 2023 [5][18]. - The company has a strong focus on technological upgrades and capacity expansion in its solar cell production, aiming to enhance competitiveness in the market [5]. - The report highlights the growth potential in the photovoltaic power generation sector, with a notable increase in revenue from solar power generation and related products [5]. Financial Summary - The company reported a revenue of 98.84 billion yuan in 2023, a decrease of 12.10% year-on-year, and a net profit attributable to the parent company of 0.46 billion yuan, down 90.46% year-on-year [5][9]. - For 2024, the expected revenue is 114.72 billion yuan, representing a growth of 16.06%, with a projected net profit of 2.16 billion yuan [9][18]. - The company’s EBITDA is forecasted to increase from 706.89 million yuan in 2023 to 807.55 million yuan in 2024 [9][18]. Product Performance - The revenue breakdown shows that battery cells account for 60% of total revenue, with significant growth in photovoltaic power generation and frame products [5]. - The company plans to invest in N-type monocrystalline TOPCon solar cell technology to enhance production efficiency and capacity [5]. Market Position - The company holds a 1.83% market share in China's crystalline silicon battery production, with a total production capacity of 10GW as of the end of 2023 [5]. - The photovoltaic power station business is expanding, with a total installed capacity of 227.62MWP and a significant increase in power generation [5]. Future Outlook - The report anticipates a recovery in profitability from 2024 onwards, with net profit projections of 2.16 billion yuan in 2024, 3.18 billion yuan in 2025, and 4.18 billion yuan in 2026 [9][18]. - The company is also exploring opportunities in the all-vanadium flow battery storage technology, which is expected to see significant growth in the coming years [8].