海外跟踪支架放量，业绩大超预期

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 129.00 CNY for the next six months [28][32]. Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 63.90 billion CNY, a year-on-year increase of 72.59%, and a net profit of 3.45 billion CNY, up 676.58% [26]. - The first quarter of 2024 saw a revenue of 18.14 billion CNY, representing a 122.47% year-on-year growth, and a net profit of 1.54 billion CNY, up 297.18% [26]. - The company benefits from expanding overseas markets, particularly in the Middle East, Latin America, and India, leading to substantial growth in its bracket business [26]. - The company has a strong order backlog of approximately 6.8 billion CNY as of the end of Q1 2024, ensuring continued revenue growth [26]. Summary by Sections Financial Performance - In 2023, the company's photovoltaic bracket business generated 56.60 billion CNY, a 74.83% increase year-on-year, with fixed bracket revenue at 20.62 billion CNY (up 26.34%) and tracking bracket revenue at 35.98 billion CNY (up 124.13%) [26]. - The company expects revenues for 2024 to reach 98.30 billion CNY, with net profits projected at 7.01 billion CNY, corresponding to a PE ratio of 20 [17][41]. Profitability and Margins - The gross margin for fixed brackets improved to 16.94%, up 5.55 percentage points year-on-year, while tracking brackets saw a gross margin of 19.96%, up 6.19 percentage points [26]. - The overall gross margin for the company reached 20.79% in Q1 2024, reflecting a 0.90 percentage point increase from the previous quarter [26]. Market Position and Strategy - The company is positioned as a leader in the overseas tracking bracket market, benefiting from the demand surge in regions like the Middle East and Latin America [32]. - The report highlights the company's vertical and horizontal integration strategy in the photovoltaic bracket sector, which enhances its global marketing network and supply chain capabilities [26]. Future Outlook - The company is projected to maintain strong growth in the coming years, with expected revenues of 98.30 billion CNY in 2024, 120.80 billion CNY in 2025, and 144.30 billion CNY in 2026 [41]. - The net profit forecasts for the same years are 7.01 billion CNY, 8.84 billion CNY, and 10.80 billion CNY, respectively, indicating a robust growth trajectory [17][41].