WXSJ(603185) 东吴证券·2024-04-30 03:30Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1][4]. Core Views - The company's revenue for 2023 was 11.859 billion yuan, a decrease of 45.87% year-on-year, and the net profit attributable to shareholders was 740.57 million yuan, down 75.58% year-on-year, indicating performance slightly below expectations [3]. - The company faced intensified competition and pressure on silicon wafer profitability, with sales of approximately 28.4 GW and shipments of about 29 GW in 2023, a decrease of about 7% [3]. - The company has successfully implemented its fully integrated production capacity, with silicon material production expected to reach 5-6 million tons in 2024, and battery production expected to reach approximately 18 GW [3]. - The company experienced a slight increase in expense ratios, with total expenses of 1.3 billion yuan in 2023, a decrease of 9% year-on-year, and cash flow from operations was 400 million yuan, down 83% [3]. Financial Forecasts and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 200 million, 420 million, and 620 million yuan respectively, with corresponding P/E ratios of 71x, 35x, and 23x [4]. - The company's total revenue is projected to increase from 12.365 billion yuan in 2024 to 20.594 billion yuan in 2026, reflecting a growth rate of 30.91% and 27.23% respectively [2][4]. - The company's cash and cash equivalents at the end of 2023 were 6.177 billion yuan, an increase of 1.917 billion yuan from the beginning of the year [3].