Risen Energy(300118) 开源证券·2024-04-30 10:00Investment Rating - The investment rating for the company is upgraded to "Outperform" [1] Core Views - The company's profitability has been impacted by industry downturns, but heterojunction technology is expected to accelerate breakthroughs [1] - The company reported a revenue of 35.33 billion yuan in 2023, a year-on-year increase of 20.2%, and a net profit attributable to shareholders of 1.36 billion yuan, up 45.8% year-on-year [4] - The company has adjusted its profit forecasts for 2024-2025 due to declining sales prices of components and energy storage systems, with expected net profits of 542 million yuan and 785 million yuan respectively [4] Financial Performance Summary - In 2023, the company achieved a revenue of 353.3 billion yuan, with a year-on-year growth of 20.2% [4] - The net profit attributable to shareholders for 2023 was 1.36 billion yuan, reflecting a year-on-year increase of 45.8% [4] - The company reported a significant decline in Q4 2023, with revenue of 73.1 billion yuan, down 29.8% quarter-on-quarter and 12.6% year-on-year [4] - For Q1 2024, the company experienced a revenue drop to 49.3 billion yuan, a year-on-year decrease of 27% [4] Business Segments - The company's component business generated revenue of 286.7 billion yuan in 2023, with a year-on-year increase of 18.9% and a gross margin of 13.6% [5] - The energy storage segment also showed growth, with revenue of 20.8 billion yuan and a net profit of 2.06 billion yuan in 2023 [6] - The company has made significant advancements in heterojunction technology, achieving a daily average efficiency of 26% and a utilization rate of 99.6% [5] Future Projections - The company has revised its profit forecasts for 2024-2025, now expecting net profits of 542 million yuan and 785 million yuan respectively, with an additional forecast for 2026 at 876 million yuan [4][7] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.48, 0.69, and 0.77 yuan respectively [4][7] - The current stock price corresponds to price-to-earnings (P/E) ratios of 29.5, 20.4, and 18.3 for the years 2024, 2025, and 2026 respectively [4][7]