三大业务板块稳步发展，持续分红回馈股东

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7][23]. Core Views - The company is experiencing steady growth across its three main business segments, with the energy storage sector showing significant expansion. The report adjusts the profit forecasts for 2024-2025 and introduces a forecast for 2026, expecting revenues of 9.22 billion, 13.59 billion, and 16.94 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 34.2%, 47.4%, and 24.6% [7][21]. - The net profit for the same years is projected to be 1.17 billion, 1.38 billion, and 1.49 billion yuan, with growth rates of 13.1%, 18%, and 8.5% [7][21]. Financial Summary - The total revenue for 2023 is reported at 6.87 billion yuan, a year-on-year increase of 39%, driven by increased sales in energy storage products and power station sales [18][21]. - The gross profit margin for 2023 is 28.43%, a decrease of 7.86 percentage points compared to the previous year, primarily due to the lower margin from the energy storage and photovoltaic sectors [18]. - The company plans to distribute a cash dividend of 0.303 yuan per share, with a payout ratio of 59.97% [18]. Business Segment Performance - The energy storage segment has shown remarkable growth, with a revenue increase of 253.62% year-on-year, and a gross margin of 16.09% [18]. - The photovoltaic segment reported a revenue of 2.80 billion yuan, a year-on-year increase of 44.27%, but with a gross margin decrease of 18.9 percentage points [18]. - The company has successfully secured multiple energy storage projects, with a total project reserve exceeding 6GWh, which is expected to support the performance of the energy storage segment [7][19]. Market Position and Strategy - The company has established a strong market presence, with its products covering over 30 countries and regions globally, and has achieved significant market share in Poland and other Eastern European markets [25]. - The company is actively expanding its energy storage business and has completed the construction of several production lines, increasing its annual production capacity to 6GWh [19].