终端优势支撑盈利高位，轻装上阵昂首穿越周期

Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Insights - The company reported a revenue of 51.3 billion RMB in 2023, a year-on-year increase of 7.9%, and a net profit attributable to shareholders of 2.903 billion RMB, up 34.6% year-on-year [2][5]. - In Q4 2023 and Q1 2024, the company achieved revenues of 12.2 billion RMB and 9.6 billion RMB, respectively, reflecting a year-on-year decline of 13.6% and 18.9% [2]. - The company has a strong overseas channel advantage, with overseas revenue consistently accounting for over 70% of total revenue [2][5]. - The company shipped 30.7 GW of components in 2023, a 45% increase year-on-year, with North America accounting for over 20% of Q1 2024 shipments [2][5]. - The company has a robust order reserve of approximately 63 GWh in energy storage systems, with confirmed contracts amounting to 2.6 billion USD [2][5]. Summary by Sections Performance Analysis - The company’s component profitability exceeded expectations, with a gross margin of 24.06% in the Americas, significantly higher than other regions [2]. - The company’s N-type component factory in the U.S. began production in 2023, with full capacity expected in 2024, alongside new production in Thailand [2][5]. Financial Forecasts - The net profit forecasts for 2024 and 2025 have been revised down to 4.49 billion RMB and 6.21 billion RMB, respectively, with a new forecast for 2026 at 7.41 billion RMB [2][5]. - The current stock price corresponds to a price-to-earnings ratio of 10 for 2024, 7 for 2025, and 6 for 2026 [2][5].