2023年年报暨2024年一季报点评：高功率服务器电源增长强劲，毛利率显著修复

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has shown strong revenue growth, with 2023 revenue reaching 2.87 billion yuan, a year-on-year increase of 6.17%, and a net profit of 196 million yuan, up 116.46% year-on-year [1]. - The gross margin has significantly improved, with a gross margin of 19.72% in 2023, an increase of 1.56 percentage points year-on-year [1]. - The company is actively expanding its high-power server power supply business, which has seen substantial growth due to the AI wave, with server power supply revenue reaching 811 million yuan in 2023, a year-on-year increase of 35.91% [3]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 696 million yuan, a year-on-year increase of 34.06%, and a net profit of 31 million yuan, up 1703.04% year-on-year [1]. - The company’s revenue for Q4 2023 reached a record high of 804 million yuan, a year-on-year increase of 10.83% [1]. - The gross margin for Q1 2024 was 19.88%, an increase of 0.40 percentage points year-on-year [1]. Business Segments - The power adapter business generated revenue of 1.594 billion yuan in 2023, a decrease of 9.51% year-on-year, but the gross margin improved to 20.10%, up 4.11 percentage points [2]. - Other power business revenue was 436 million yuan, a year-on-year increase of 31.83%, driven by increased orders in portable energy storage devices and electric vehicles [2]. - The high-power server power supply segment saw revenue of 123 million yuan in 2023, a staggering year-on-year increase of 1097.30%, contributing 15.11% to the server power supply revenue [3]. Future Outlook - The company forecasts net profits of 213 million yuan for 2024, 311 million yuan for 2025, and 407 million yuan for 2026, indicating a positive growth trajectory [4]. - The report highlights the potential for revenue and profit growth driven by the release of high-power server power supply capacity amid the AI trend [4].