一季度毛利率、费用率拐点出现

Investment Rating - The investment rating for Guoxuan High-Tech (002074.SZ) is "Buy" and maintained [5]. Core Views - Guoxuan High-Tech reported a revenue of 31.605 billion yuan in 2023, a year-on-year increase of 37.11%, with a net profit attributable to shareholders of 939 million yuan, up 201.28% [5]. - The company achieved a total shipment of 45.3 GWh in 2023, a growth of 64% year-on-year, outperforming the industry growth rate [6]. - The gross margin for power batteries was 15.04%, a decrease of 1.7 percentage points year-on-year, while the gross margin for energy storage batteries increased by 1.6 percentage points [6]. - In Q1 2024, the company expects to achieve shipments of 10-11 GWh, with a comprehensive gross margin expected to improve to around 17% [6]. - The company is focusing on expanding its overseas business, with an expected increase in the proportion of overseas shipments [6]. Financial Summary - In 2023, Guoxuan High-Tech's total revenue was 31.605 billion yuan, with a gross profit of 5.348 billion yuan, resulting in a gross margin of 17% [11]. - The company forecasts revenue of 33.605 billion yuan for 2024, with a projected gross profit of 6.109 billion yuan, maintaining a gross margin of 18% [11]. - The net profit for 2024 is expected to reach 1.165 billion yuan, with an EPS of 0.65 yuan [11]. - The operating cash flow for 2023 was 2.419 billion yuan, with a significant increase projected for 2024 [11].