2023年年报及2024年一季报点评：业绩短期承压，期待24年逐季修复

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company experienced short-term pressure on performance, with expectations for recovery in 2024 [2]. - In 2023, the company achieved revenue of 6.101 billion yuan, a year-on-year increase of 3.59%, while net profit attributable to shareholders decreased by 26.46% to 779 million yuan [2][3]. - The inverter sales were impacted by inventory issues, but growth is anticipated in 2024 due to increasing global demand for solar storage installations [3]. - The residential photovoltaic power generation system and new energy power production business saw rapid growth, with revenues of 1.194 billion yuan and 293 million yuan, respectively, in 2023 [3]. Financial Forecasts - Revenue projections for 2024-2026 are 7.090 billion yuan, 9.300 billion yuan, and 12.084 billion yuan, with corresponding growth rates of 16.2%, 31.2%, and 29.9% [3][4]. - Net profit forecasts for the same period are 848 million yuan, 1.111 billion yuan, and 1.480 billion yuan, with growth rates of 8.8%, 31.1%, and 33.2% [3][4]. - The projected PE ratios for 2024-2026 are 26X, 20X, and 15X, respectively [3][4].