业绩增长亮眼，降本成效凸显

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [3]. Core Insights - The company achieved a revenue of 15.69 billion yuan in 2023, representing a year-on-year growth of 11.46%, with a net profit attributable to shareholders of 3.87 billion yuan, up 21.37% year-on-year [1]. - The company is focusing on three strategic areas: smart ecology, new energy, and internationalization, which are expected to drive future growth [1]. - The company plans to distribute a cash dividend of 3.1 yuan per share, totaling 2.76 billion yuan, with a cash dividend payout ratio of 71.41% [1]. Financial Performance Summary - Revenue for 2023 was 15,694.76 million yuan, with a projected growth rate of 14.90% for 2024 [2]. - The net profit attributable to shareholders for 2023 was 3,870.14 million yuan, with an expected growth rate of 17.77% for 2024 [2]. - The company's gross margin improved to 43.2% in 2023, up 5.2 percentage points year-on-year [1]. Business Segment Performance - The revenue from electrical connections was 7.4 billion yuan, a year-on-year increase of 5%, while smart electrical lighting revenue reached 7.9 billion yuan, growing by 15% [1]. - New energy revenue surged to 380 million yuan, marking a significant year-on-year increase of 149% [1]. Future Projections - The company is expected to achieve net profits of 4.56 billion yuan, 5.26 billion yuan, and 6.06 billion yuan for the years 2024, 2025, and 2026, respectively [2]. - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 23x, 20x, and 17x, respectively [1].