2023年报&2024年一季报点评：验收周期延长影响业绩，看好公司海外市场布局

Investment Rating - The report maintains a "Buy" rating for the company [12] Core Views - The company's performance in Q4 2023 and Q1 2024 is expected to decline due to extended acceptance cycles, with Q4 2023 revenue at 6.23 billion yuan, down 9.14% year-on-year and 47.56% quarter-on-quarter [43] - The company achieved a revenue of 39.32 billion yuan in 2023, a year-on-year increase of 13.83%, with a net profit of 8.09 billion yuan, up 64.92% year-on-year [43] - The report projects a decrease in net profit forecasts for 2024 and 2025 to 10.3 billion yuan and 13.5 billion yuan respectively, with a new forecast for 2026 at 15.3 billion yuan [12] Financial Performance - In 2023, the company's gross margin was 37.54%, an increase of 4.64 percentage points year-on-year, while the net profit margin was 20.58%, up 6.38 percentage points [44] - The company’s cash flow from operating activities was 215 million yuan in 2023, a decrease of 69.1% year-on-year, with a cash flow of 36 million yuan in Q1 2024, an increase of 118.04% year-on-year [24][46] - As of Q1 2024, the company's inventory stood at 28.81 billion yuan, a year-on-year increase of 15.46%, and contract liabilities were 22.13 billion yuan, up 11.08% year-on-year [24][46] Production Capacity and Market Expansion - The company is expanding its production capacity, with an estimated total capacity of approximately 105 billion yuan in 2024, including new factories in Japan and South Korea [11][25] - The report indicates that overseas orders are expected to reach 50-60 billion yuan in 2024, primarily driven by Japanese and Korean clients [37][49]