主业保持增长，非经影响短期盈利

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 36.29 CNY per share, compared to the current price of 21.80 CNY [3]. Core Insights - The company reported a revenue of 16.628 billion CNY for 2023, representing a year-on-year growth of 19.35%. However, the net profit attributable to shareholders decreased by 23.45% to 1.775 billion CNY [2][3]. - The core lithium battery equipment business continues to grow, with revenue from lithium battery intelligent equipment reaching 12.642 billion CNY, a 27.12% increase, accounting for 76.03% of total revenue [2]. - The increase in operating expenses has impacted short-term profits, with total operating expenses rising to 3.092 billion CNY, an increase of 6.80 billion CNY year-on-year [2]. Financial Summary - For 2024-2026, the forecasted net profits attributable to shareholders are 3.553 billion CNY, 4.119 billion CNY, and 4.917 billion CNY, respectively [2][7]. - The company’s revenue is projected to grow from 20.127 billion CNY in 2024 to 26.494 billion CNY in 2026, with growth rates of 21.0% and 13.0% [7]. - The gross profit margin for the lithium battery equipment segment is 38.69%, while the photovoltaic intelligent equipment segment saw a significant increase in revenue by 121.85% [2].