经营性现金流创新高，分红比例稳定

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 1186.82 billion yuan in 2023, representing a year-on-year growth of 43.55%. The net profit attributable to shareholders was 74.40 billion yuan, up 153.20% year-on-year. In Q4 2023, the revenue was 335.85 billion yuan, with a year-on-year increase of 12.31%, while the net profit was 10.86 billion yuan, down 13.97% year-on-year [5][6]. Summary by Sections Financial Performance - The company achieved a record high operating cash flow of 248 billion yuan in 2023, a significant increase of 507.62% year-on-year. The cash flow in Q4 reached 137 billion yuan, marking the highest level in history. The company plans to distribute a cash dividend of 2.24 yuan per 10 shares (including tax), with a total dividend payout ratio of 34.06% [6]. Product Shipment and Market Position - In 2023, the company shipped 83.56 GW of photovoltaic products, with 78.52 GW of modules, ranking first in the industry. The N-type products accounted for approximately 62% of the total shipments. In Q4 2023, the company shipped 27.86 GW of photovoltaic products, including 26.32 GW of modules [6]. Future Outlook - For 2024, the company expects to ship 100-110 GW of modules, with the N-type proportion approaching 90%. As a pioneer in TOPCon technology, the company is well-positioned to transition fully to N-type products. The company anticipates an increase in shipments to the U.S. market, which will contribute significantly to profitability. The first phase of the Shanxi base has already commenced production, with the second phase expected to start in the first half of the year, enhancing operational efficiency and reducing costs [6]. Profitability Forecast - The company is projected to achieve a net profit of 4 billion yuan in 2024, corresponding to a price-to-earnings (PE) ratio of 19 times [6].