24年Q1业绩环比高增，储能市场厚积薄发

Investment Rating - The report maintains a "Buy-A" rating for the company, with a target price of 89.36 CNY [1]. Core Views - The company reported a significant increase in Q1 2024 performance, with a quarter-on-quarter revenue growth of 63.26% despite a year-on-year decline of 9.64% [1]. - The inverter series contributed 59.22% to the total revenue in 2023, showing an 11.95% increase compared to the previous year [1]. - The energy storage battery pack series saw a remarkable revenue increase of 965.43% year-on-year, accounting for 11.82% of total revenue [1]. - The global photovoltaic industry continues to grow, with an expected increase in global installed capacity from 390 GW in 2023 to 512-587 GW by 2030 [1]. - The company is strategically expanding its market presence internationally, establishing after-sales services in key regions such as South Africa, Germany, and Lebanon [1]. Financial Performance Summary - In 2023, the company achieved a revenue of 7.48 billion CNY, a year-on-year increase of 25.59%, and a net profit of 1.79 billion CNY, up 18.03% [2]. - For Q1 2024, the company reported a revenue of 1.884 billion CNY, with a net profit of 433 million CNY, reflecting a quarter-on-quarter increase of 94.17% [1]. - The forecasted revenues for 2024, 2025, and 2026 are 10.771 billion CNY, 13.463 billion CNY, and 17.031 billion CNY respectively, with corresponding year-on-year growth rates of 44.0%, 25.0%, and 26.5% [2][4]. - The projected net profits for the same years are 2.534 billion CNY, 3.179 billion CNY, and 3.851 billion CNY, with growth rates of 41.5%, 25.5%, and 21.2% respectively [2][4]. Valuation Metrics - The company’s EPS is projected to increase from 5.89 CNY in 2024 to 8.96 CNY in 2026, with corresponding P/E ratios decreasing from 15.2 to 10.0 [2][4]. - The gross margin is expected to slightly decline from 40.4% in 2023 to 36.8% in 2026 [2][4]. - The return on equity (ROE) is forecasted to decrease from 34.2% in 2023 to 27.8% in 2026 [2][4].