业绩超预期，充电和箱变双主业高增

Investment Rating - The report maintains an "Accumulate" rating for the company [2][8]. Core Insights - The company achieved a revenue of 2.569 billion yuan in Q1 2024, representing a year-on-year increase of 29.93%. The net profit attributable to shareholders reached 62 million yuan, up 203.18% year-on-year, while the net profit excluding non-recurring items was 47 million yuan, a significant increase of 748.12% year-on-year [7]. - The charging segment showed resilience during the off-peak season, with charging business revenue growing year-on-year. The company added 18,100 public DC charging piles in Q1 2024, a 7.8% increase year-on-year. The charging volume reached 2.85 billion kWh, up 53.7% year-on-year, with a monthly average utilization rate of 7.06%, reflecting strong demand in the charging industry [7]. - The box transformer business continues to thrive, focusing on new energy applications across various sectors. The company has secured contracts exceeding 10 billion yuan in 2023, with a year-on-year growth rate of over 50% in new energy box transformers [7]. - The company announced a stock incentive plan for 2024, granting 1.4 million restricted shares, which represents 0.13% of the company's total shares, aimed at boosting confidence in the box transformer business [7]. Financial Summary - The company forecasts revenues of 14.602 billion yuan, 19.554 billion yuan, 25.466 billion yuan, and 32.408 billion yuan for 2023, 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 25.6%, 33.9%, 30.2%, and 27.3% [9]. - The net profit attributable to shareholders is projected to be 491 million yuan, 704 million yuan, 955 million yuan, and 1.345 billion yuan for the same years, with year-on-year growth rates of 80.4%, 43.4%, 35.6%, and 40.9% respectively [9]. - The gross margin is expected to be 23.4% in 2023, decreasing to 20.8% by 2026, while the return on equity (ROE) is projected to increase from 7.3% in 2023 to 14.1% in 2026 [9].