Investment Rating - The investment rating for the company is "Buy" (maintained) [18][11]. Core Views - The company has shown steady growth in traditional junction box sales, with smart junction boxes expected to enter mass production in 2024 [6][21]. - The company achieved a revenue of 1.285 billion yuan in 2023, representing a year-over-year increase of 16.9%, and a net profit attributable to shareholders of 194 million yuan, up 63.5% year-over-year [6][22]. - The company is focusing on expanding its overseas market and promoting energy storage connectors in 2024, which is expected to create a new growth curve [7][21]. Financial Summary - In 2023, the company's junction box business generated revenue of 1.044 billion yuan, with a year-over-year growth of 13.9% and a gross margin of 21.9% [21]. - The company’s revenue projections for 2024, 2025, and 2026 are 1.617 billion yuan, 1.952 billion yuan, and 2.327 billion yuan, respectively, with corresponding year-over-year growth rates of 25.9%, 20.7%, and 19.2% [22]. - The projected net profit for 2024, 2025, and 2026 is 198 million yuan, 253 million yuan, and 315 million yuan, respectively, with year-over-year growth rates of 2.1%, 28.2%, and 24.5% [22]. - The company’s earnings per share (EPS) are projected to be 2.37 yuan, 3.04 yuan, and 3.79 yuan for 2024, 2025, and 2026, respectively [22].
公司信息更新报告：传统接线盒销售稳步增长，智能接线盒将于2024年进入量产阶段