点评报告：业绩快速增长，海外渠道建设持续推进

Investment Rating - The investment rating for the company is "Buy" (首次覆盖) [1] Core Views - The company has shown rapid performance growth, with a revenue of 11.463 billion yuan in 2023, representing a year-on-year increase of 25.99%. The net profit attributable to shareholders reached 1.904 billion yuan, up by 100.79% [1] - In Q1 2024, the company achieved a revenue of 3.025 billion yuan, reflecting a year-on-year growth of 34.53%, with a net profit of 364 million yuan [1] - The company has a strong order backlog in its smart power distribution business, totaling 10.494 billion yuan by the end of 2023, which is a 22.09% increase year-on-year [1] - The company is expanding its overseas presence, having established a mature sales system in over 70 countries and regions, with new factories in Germany and Mexico [1] Financial Performance Summary - Revenue projections for the company are as follows: - 2024E: 14.356 billion yuan (growth rate of 25.2%) - 2025E: 17.740 billion yuan (growth rate of 23.6%) - 2026E: 21.821 billion yuan (growth rate of 23.0%) [2] - Net profit projections are: - 2024E: 2.307 billion yuan (growth rate of 21.2%) - 2025E: 2.842 billion yuan (growth rate of 23.2%) - 2026E: 3.506 billion yuan (growth rate of 23.4%) [2] - The company’s return on equity (ROE) is expected to improve from 17.2% in 2023 to 20.2% by 2026 [2] Market Data - As of April 26, 2024, the current stock price is 33.86 yuan, with a 52-week price range of 11.82 to 36.66 yuan. The total market capitalization is approximately 48.22 billion yuan [1] - The company has a total share capital of 141.12 million shares, with a circulating market value of 47.66 billion yuan [1] Operational Highlights - The company’s smart power distribution business generated 8.612 billion yuan in revenue in 2023, marking a year-on-year increase of 23.99% [1] - The company has successfully won significant overseas projects, including a 310 million yuan smart meter project in Brazil and a 466 million yuan transformer project in Greece [1]