业绩阶段性承压，期待需求逐步修复

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a 31% year-on-year growth in 2023, with revenue reaching RMB 7.35 billion, a 56.10% increase, and a net profit of RMB 852 million, up 31.24% [4][5] - In Q1 2024, the company faced a net loss of RMB 29 million, a significant decrease of 108.57% year-on-year, primarily due to a 34.50% drop in revenue and a substantial increase in expense ratios [4][7] - The company's grid-connected inverter business showed stable performance, with a 42.99% increase in revenue to RMB 2.86 billion and a 15.46% rise in sales volume to 532,200 units in 2023 [4][6] - The energy storage inverter segment faced challenges due to inventory pressures, with sales volume down 32.20% to 154,100 units, leading to a revenue decline of 4.67% to RMB 1.57 billion [4][6] - The company is actively expanding its battery pack sales, achieving a 27.74% increase in sales volume to 341.15 MWh and a 38.66% rise in revenue to RMB 869 million in 2023 [4][6] - The report anticipates that the demand for energy storage inverters will improve in 2024 as inventory levels in Europe decrease [4][6] Summary by Sections Financial Performance - 2023 revenue was RMB 7.35 billion, a 56.10% increase from 2022, with a net profit of RMB 852 million, up 31.24% [5][6] - Q1 2024 revenue was RMB 1.13 billion, down 34.50% year-on-year, with a net loss of RMB 29 million [7][9] Business Segments - Grid-connected inverter revenue increased by 42.99% to RMB 2.86 billion in 2023, with a stable gross margin of 29.43% [4][6] - Energy storage inverter sales decreased by 32.20% to 154,100 units, with revenue down 4.67% to RMB 1.57 billion due to inventory issues [4][6] Future Outlook - The company expects gradual recovery in demand for energy storage inverters in 2024, supported by inventory reduction in Europe and new product launches [4][6]