Sineng(300827) 国海证券·2024-04-30 14:00Investment Rating - The report maintains an "Overweight" rating for the company [11][15] Core Views - The company is a leading domestic supplier in the photovoltaic and energy storage markets, benefiting from the high growth prospects of these sectors [15] - The company is expected to achieve revenues of 7.1/9.4/11.9 billion yuan and net profits of 547/764/1007 million yuan for 2024-2026, with current PE ratios of 18X, 13X, and 10X respectively [15] - The company's overseas photovoltaic and energy storage business is expected to contribute to future performance growth, with significant demand in overseas markets [25] Financial Performance Summary - In 2023Q4, the company reported revenue of 1.6 billion yuan, up 43% QoQ and 27% YoY, with net profit attributable to shareholders of 80 million yuan, up 6% QoQ and 114% YoY [1] - For 2023, the company achieved revenue of 4.9 billion yuan, up 111% YoY, and net profit attributable to shareholders of 286 million yuan, up 250% YoY [32] - In 2024Q1, the company reported revenue of 700 million yuan, up 15% YoY, and net profit attributable to shareholders of 50 million yuan, up 40% YoY [13] Market Position and Industry Outlook - The company ranks fourth in China and eighth globally in photovoltaic inverter shipments, maintaining a top-ten global position for several years [4] - The company has been the national leader in third-party large-power PCS (215kW and above) shipments for three consecutive years since 2021 [4] - China's new photovoltaic installations in 2023 reached 216.88GW, with cumulative installed capacity exceeding 600GW, both ranking first globally [13] - The domestic photovoltaic installation market is expected to enter a high-growth cycle, driven by declining raw material prices and policy support for renewable energy [13] Overseas Expansion - The company has established a presence in major global photovoltaic markets, including the US, Europe, the Middle East, India, and Southeast Asia [25] - The company has secured multiple 100MW-level projects for large-power energy storage PCS in the North American market [25]