合康新能：Q1收入业绩超预期，光储放量未来可期

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 699 million yuan in Q1, representing a year-on-year increase of 110.71%, and a net profit attributable to shareholders of 11.03 million yuan, up 1566.40% year-on-year [1] - The main business of variable frequency drives has stabilized, and the household energy storage and photovoltaic businesses are expected to grow significantly [1] - The company has initiated the construction of a new manufacturing base to expand production capacity, which will support future business development [1] - The gross profit margin for Q1 was 17.00%, a decrease of 4.34 percentage points year-on-year, primarily due to changes in the business structure [1] Financial Performance Summary - The company is projected to achieve revenues of 3.477 billion yuan, 4.750 billion yuan, and 6.519 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 133.2%, 36.6%, and 37.2% [4] - The net profit attributable to shareholders is expected to be 60 million yuan, 130 million yuan, and 186 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 127.2%, 117.2%, and 43.3% [4] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 98.57, 45.37, and 31.67, respectively [4]