Investment Rating - The report maintains a "Buy" rating for the company [2][4][7]. Core Insights - In 2023, the company achieved revenue of 2.694 billion, a year-on-year increase of 14.3%. However, the net profit attributable to the parent company and the net profit after deducting non-recurring gains and losses were 78.4 million and 54 million, respectively, reflecting a significant decline of 69.4% and 76.3% year-on-year [2]. - The decline in profitability is attributed to a decrease in gross margin and an increase in impairment provisions. The forecast for net profit attributable to the parent company for 2024-2026 has been revised down to 170 million, 210 million, and 270 million, respectively, with corresponding P/E ratios of 20.8, 16.8, and 13.4 times [2][3]. - The company is increasing R&D investment and enhancing customer collaboration, particularly in the EPCOS + photovoltaic + energy storage layout, with a new smart equipment production base expected to commence operations in 2024 [5][11]. Financial Performance - The company's operating income for 2023 was 2.694 billion, with a growth rate of 14.3%. The net profit attributable to the parent company was 78.4 million, down 69.39% year-on-year [9][19]. - The gross margin for the company was 19.4%, a decrease of 7.3 percentage points year-on-year, with the gross margins for the power engineering construction and intelligent electricity services, and power equipment supply segments being 17.3% and 18.75%, respectively [5][19]. - The cash flow from operations (CFO) for 2023 was -98 million, a decrease of 121 million year-on-year, indicating cash flow challenges [3][13]. Business Segmentation - Revenue from the power engineering construction and intelligent electricity services segment was 1.5 billion, down 2.83% year-on-year, while the power equipment supply segment saw a significant increase of 58.6% to 1.05 billion [5]. - The company is expanding its business both domestically and internationally, with domestic revenue increasing by 8.6% to 1.86 billion and overseas revenue growing by 29.4% to 840 million, primarily in Southeast Asia and North America [5][11].
设备销售实现较快增长，EPCOS模式有望进一步夯实