2023年年报点评报告：配用电主业稳增，出海及新兴业务提速

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7]. Core Views - The company has shown steady growth in its core business of smart power distribution, with emerging businesses like virtual power plants and energy storage gaining traction. In 2023, the company achieved revenues of 6.478 billion yuan, a year-on-year increase of 18.64%, and a net profit of 541 million yuan, up 23.46% [7]. - The company has secured significant contracts in the domestic market and is expanding its overseas presence, with overseas revenue increasing by 31.09% in 2023, contributing to 5.77% of total revenue [7]. - The company's gross margin and net margin improved to 33.70% and 9.35%, respectively, indicating enhanced profitability [7]. Financial Forecast Summary - Revenue Forecast: - 2022A: 5,460 million yuan - 2023A: 6,478 million yuan - 2024E: 7,902 million yuan - 2025E: 9,547 million yuan - 2026E: 11,424 million yuan - Growth Rate: 2023A (18.6%), 2024E (22.0%), 2025E (20.8%), 2026E (19.7%) [3][6] - Net Profit Forecast: - 2022A: 438 million yuan - 2023A: 541 million yuan - 2024E: 698 million yuan - 2025E: 843 million yuan - 2026E: 1,028 million yuan - Growth Rate: 2023A (23.5%), 2024E (28.9%), 2025E (20.9%), 2026E (21.9%) [3][6] - Key Financial Ratios: - ROE: 2023A (12.0%), 2024E (13.9%), 2025E (14.5%), 2026E (15.2%) [3][6] - P/E Ratio: 2023A (26.3), 2024E (20.4), 2025E (16.9), 2026E (13.8) [3][6] - P/B Ratio: 2023A (3.1), 2024E (2.7), 2025E (2.4), 2026E (2.1) [3][6]