Investment Rating - The investment rating for the company is "Buy-A" with a target price of 37.26 CNY, indicating an expected return exceeding 15% over the next six months compared to the CSI 300 index [12]. Core Views - The company has achieved significant growth in the renewable energy sector, with a focus on intelligent distribution equipment. It has successfully transitioned from traditional energy to renewable markets, enhancing its market share and competitive advantage in offshore renewable energy [13]. - The acquisition of Borui Tianceng Energy Technology Co., Ltd. has facilitated the formation of a new business model and accelerated the development of the new energy booster station business, which is expected to become a second growth driver for the company [2]. Financial Performance Summary - For the fiscal year 2023, the company reported revenue of 4.948 billion CNY, a year-on-year increase of 52.9%, and a net profit attributable to shareholders of 498 million CNY, up 87.7% year-on-year [12]. - The company forecasts revenues of 6.486 billion CNY, 8.206 billion CNY, and 10.354 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 651 million CNY, 804 million CNY, and 1.041 billion CNY [4][12]. - The gross margin for 2023 is projected at 22.7%, with a net margin of 10.1% [4][12]. Product and Market Insights - The company has seen a doubling in revenue from the new energy sector, with significant contributions from products such as box-type substations, complete switchgear, and transformers. The box-type substations accounted for 69.9% of total revenue in 2023, generating 3.458 billion CNY [12]. - The solar energy segment achieved revenue of 2.074 billion CNY, a year-on-year increase of 83%, while the energy storage segment saw a remarkable growth of 237% [12]. Research and Development - The company has increased its R&D expenditure to 161 million CNY in 2023, a rise of 53.81% year-on-year, focusing on high-voltage and large-capacity products [12]. - New products developed include a 66kV prefabricated intelligent offshore booster system and a 72.5kV environmentally friendly gas-insulated switchgear, which are designed to meet the rising capacity of wind turbines [12].
业绩高增，海上新能源核心竞争力突出