2023年报&2024一季报点评：盈利能力稳健，2024年持续稳增长

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [1] Core Views - The company reported a revenue of 6.0 billion yuan in 2023, a year-on-year increase of 59%, with a net profit attributable to shareholders of 0.68 billion yuan, up 51% year-on-year [1] - The revenue for Q4 2023 was 2.3 billion yuan, showing a quarter-on-quarter increase of 40% and a year-on-year increase of 28% [1] - The company expects continued high growth in 2024, driven by strong order backlog and improved delivery capabilities [7][8] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 6.0 billion yuan, with a net profit of 0.68 billion yuan and a non-recurring net profit of 0.59 billion yuan, reflecting increases of 59%, 51%, and 65% respectively [1] - For Q1 2024, the revenue was 1.1 billion yuan, with a quarter-on-quarter increase of 69% and a year-on-year increase of 52% [1] - The company has a strong order backlog of 7.05 billion yuan at the end of 2023, indicating potential for sustained growth in 2024 [2] Business Segments - The battery and module equipment segment generated revenue of 0.277 billion yuan in 2023, a 96% increase year-on-year, with a gross margin of approximately 19% [2] - The crystal growth and processing equipment segment achieved revenue of 4.878 billion yuan in 2023, a 58.6% increase year-on-year, with a gross margin of about 28.65% [7] - The auxiliary materials business saw revenue of 0.7 billion yuan, up 33% year-on-year, while other supporting equipment revenue surged to 0.0147 billion yuan, a 416% increase [8] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted upwards, with expected net profits of 0.91 billion yuan, 1.08 billion yuan, and 1.20 billion yuan respectively, reflecting year-on-year growth rates of 33%, 19%, and 11% [8] - The corresponding price-to-earnings ratios are projected to be 7, 6, and 5 times for 2024, 2025, and 2026 respectively [8]