24Q1业绩大超预期，订单支撑全年业绩高增

Investment Rating - The investment rating for the company is "Buy" and is maintained [9][20]. Core Insights - The company reported a significant revenue increase of 73% year-on-year in 2023, reaching 6.39 billion yuan, with a net profit growth of 677% to 345 million yuan [2]. - The company has a strong order backlog of 6.8 billion yuan as of the end of Q1 2024, which supports continued high revenue growth throughout the year [3]. - The company is capitalizing on growth opportunities in non-European and American markets, particularly in Latin America, while also strengthening its presence in the Middle East and India [3]. - The gross margin for the company improved significantly in 2023, reaching 18.1%, driven by increased sales volume and lower raw material costs [8]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 2.997 billion yuan, a year-on-year increase of 108% and a quarter-on-quarter increase of 104% [2]. - For Q1 2024, the company reported a revenue of 1.814 billion yuan, a year-on-year increase of 122%, although it experienced a quarter-on-quarter decline of 39% [2]. - The gross margin for Q1 2024 reached 20.8%, reflecting a year-on-year increase of 7.3 percentage points [33]. - The company’s net profit margin has shown a clear upward trend, with net profit margins of 4.0%, 6.3%, and 8.5% in Q3 2023, Q4 2023, and Q1 2024, respectively [37].