经营状况良好，海外电网业务快速发展

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company achieved a revenue of 51.57 billion yuan in 2023, representing a year-on-year growth of 10.1%, and a net profit attributable to shareholders of 7.18 billion yuan, up 11.4% year-on-year [2][3] - In Q1 2024, the company reported a revenue of 7.7 billion yuan, a 24.3% increase year-on-year, and a net profit of 600 million yuan, growing 13.7% year-on-year [2] - The company is experiencing short-term pressure on profitability but maintains high R&D investment, with a R&D expense ratio of 5.3% in 2023, up 0.2 percentage points year-on-year [2] - The smart grid segment generated revenue of 25.64 billion yuan in 2023, a 2.6% increase, while overseas business revenue surged by 104.1% to 1.39 billion yuan [2] - The digital energy integration business grew by 21.7% to 11.13 billion yuan in 2023, and the low-carbon energy segment saw a 33.5% increase in revenue to 9.64 billion yuan [2] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 51.57 billion yuan and a net profit of 7.18 billion yuan, with a gross margin of 26.8% and a net margin of 14.8% [2][3] - For 2024-2026, projected revenues are 58.52 billion yuan, 65.43 billion yuan, and 71.69 billion yuan, with net profit growth rates of 12.1%, 12.5%, and 14.5% respectively [3][11] Business Segments - Smart Grid: Revenue of 25.64 billion yuan in 2023, with a projected growth rate of 8% for 2024-2026 [9] - Digital Energy Integration: Revenue of 11.13 billion yuan in 2023, with a projected growth rate of 20% for 2024 [9] - Low-Carbon Energy: Revenue of 9.64 billion yuan in 2023, with a projected growth rate of 25% for 2024 [9] Market Position - The company is positioned as a leading provider of integrated smart grid solutions and digital energy services, benefiting from increased demand in both domestic and international markets [2][8]