经营业绩亮眼，看好公司未来持续受益新能源发展

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 103.35 CNY [6]. Core Views - The company has demonstrated strong financial performance in 2023 and Q1 2024, with significant year-on-year growth in revenue and net profit, benefiting from the ongoing development of the renewable energy sector [1][2]. - The company's gross margin and net margin have improved, attributed to its comprehensive strategy and favorable market conditions, including reduced shipping costs and lower raw material prices [2]. - The report highlights the robust demand for solar inverters and energy storage systems, projecting continued growth in these segments due to increasing global energy consumption and technological advancements [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 72.25 billion CNY, a year-on-year increase of 79.5%, and a net profit of 9.44 billion CNY, up 162.7% [1]. - For Q1 2024, the revenue was 12.61 billion CNY, showing a slight year-on-year increase of 0.26%, while net profit reached 2.10 billion CNY, up 39% [1]. Profitability - The gross margin for 2023 was 30.4%, improving to 36.7% in Q1 2024, while the net margin increased from 13.3% to 16.7% in the same period [2]. - The improvement in profitability is driven by the company's strategic initiatives and favorable short-term factors such as lower shipping costs and raw material prices [2]. Business Segmentation - The solar inverter segment generated revenue of 27.65 billion CNY in 2023, with a gross margin of 37.93% [3]. - The energy storage system segment reported revenue of 17.80 billion CNY, with a gross margin of 37.47%, benefiting from strong overseas demand [3]. Earnings Forecast - The report adjusts the revenue forecast for 2024-2026 to 84.52 billion CNY, 102.45 billion CNY, and 122.94 billion CNY, respectively, reflecting a growth rate of 16.98% in 2024 [4]. - The net profit forecast for the same period is set at 10.95 billion CNY, 12.39 billion CNY, and 14.88 billion CNY, with year-on-year growth rates of 16.03%, 13.10%, and 20.11% respectively [4].