设备盈利能力提升明显，硅片盈利修复可期

Investment Rating - The investment rating for the company is "Buy" and is maintained [17]. Core Views - The company reported a revenue of 23.149 billion yuan in 2023, representing a year-on-year growth of 59.91%. The net profit attributable to shareholders was 1.502 billion yuan, up 57.07% year-on-year. However, in Q4 2023, revenue decreased by 23.9% year-on-year to 4.361 billion yuan, and net profit fell by 21.64% to 99 million yuan. In Q1 2024, revenue further declined by 22.25% year-on-year to 4.248 billion yuan, with a net loss of 295 million yuan, a significant drop of 158.74% year-on-year [17][18]. Summary by Sections Financial Performance - In 2023, the company's silicon wafer business expanded rapidly, and the equipment segment saw improved profitability. The photovoltaic new energy segment achieved a revenue of 17.273 billion yuan, a year-on-year increase of 100.41%, with a gross margin of 8.23%. The new energy equipment segment's revenue decreased by 7.82% to 2.678 billion yuan, but the gross margin increased by 10.05 percentage points to 44.79% due to lower raw material costs and an increase in large furnace products. The energy-saving and water-saving segment grew steadily, with revenue of 2.962 billion yuan, an 8.21% increase year-on-year, and a slight gross margin increase of 2.41 percentage points to 25.92% [18]. Future Outlook - Looking ahead, the equipment business is expected to have high certainty, and silicon wafer profitability is anticipated to recover. The equipment segment, particularly the reduction furnace and its components, continues to generate stable income and profits, leading the industry towards larger and higher-quality reduction furnace systems. The energy-saving and water-saving business is expected to see rapid growth due to increased demand from flexible adjustments in thermal power policies. The hydrogen energy segment's green hydrogen equipment project is progressing smoothly, with ongoing breakthroughs in domestic and overseas markets, becoming a new growth point for performance. The silicon wafer prices are nearing the bottom, and with the rapid decline in silicon material prices, profitability is expected to recover as demand improves and inventory is reduced. The company's joint venture silicon wafer factory with a capacity of 44GW is expected to be operational in 2024, with the company holding a 45% stake, further enhancing its profitability [19].