业绩稳步增长，连续高分红回馈股东

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1]. Core Insights - The company, LinYuan Energy, achieved a revenue of 6.872 billion RMB in 2023, representing a year-on-year growth of 39.0%, with a net profit of 1.031 billion RMB, up 20.5% [32]. - The company is experiencing a shift in its revenue structure, with a significant increase in low-margin businesses such as energy storage and power station sales, leading to a decrease in overall gross margin to 28.4%, down 7.86 percentage points year-on-year [27]. - LinYuan Energy has a robust project reserve, with 6 GWh of energy storage projects and 4 GW of photovoltaic projects, enhancing its competitive edge in the "new energy + storage" sector [27]. - The company has a high dividend payout ratio, proposing a cash dividend of 0.303 RMB per share, translating to a total of 618 million RMB, which corresponds to a dividend yield of 4.75% [27]. Summary by Sections Financial Performance - In 2023, LinYuan Energy's revenue reached 6.872 billion RMB, with a growth rate of 39.0% compared to the previous year [32]. - The net profit for 2023 was 1.031 billion RMB, reflecting a 20.5% increase year-on-year [32]. - The gross margin for the company decreased to 28.4%, primarily due to the rising proportion of lower-margin businesses [27]. Business Segments - The smart power distribution business generated 2.48 billion RMB in revenue, with a gross margin of 33.9% [27]. - The energy storage and energy-saving segment saw a revenue increase of 253.6% to 1.51 billion RMB, with a gross margin of 16.1% [27]. - Power station sales revenue surged by 167.0% to 1.30 billion RMB, with a gross margin of 11.48% [27]. Future Outlook - The company has adjusted its net profit forecasts for 2024 and 2025 to 1.2 billion RMB and 1.375 billion RMB, respectively, with a projected net profit of 1.552 billion RMB for 2026 [27]. - The price-to-earnings (P/E) ratios for the next three years are projected to be 11, 9, and 8 times [27].