CHINT ELECTRICS(SH:601877) EBSCN·2024-05-06 01:02Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 57.251 billion yuan in 2023, a year-on-year increase of 24.53%, while the net profit attributable to shareholders was 3.686 billion yuan, a decrease of 8.38% [2] - The company continues to lead the market in household photovoltaic installations, with a market share of approximately 29% in new installations in China [2] - The inverter and energy storage business has seen significant growth, with sales increasing by 60.67% year-on-year [2] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 57.251 billion yuan, up 24.53% from the previous year, and a net profit of 3.686 billion yuan, down 8.38% [2][3] - For Q1 2024, the company achieved a revenue of 15.917 billion yuan, a growth of 1.12%, and a net profit of 1.081 billion yuan, a decline of 10.06% [2] Business Segments - The household photovoltaic segment added over 12 GW of new installations in 2023, maintaining the leading market position with a revenue increase of 38.11% to 36.605 billion yuan [2] - The low-voltage electrical business saw a revenue growth of 7.84% to 20.139 billion yuan, with an international revenue increase of 16% to 4.469 billion yuan [2] - The inverter and energy storage business generated a revenue of 1.253 billion yuan, up 37.12%, with a focus on North America and Korea [2] Future Outlook - The company expects net profits to be 4.413 billion yuan, 5.050 billion yuan, and 5.381 billion yuan for 2024, 2025, and 2026 respectively, reflecting a cautious adjustment in profit forecasts [2] - The photovoltaic industry remains robust, with expectations for further market share growth in household photovoltaic installations and contributions from the inverter and energy storage business [2]