主业稳健增长，平台化+国际化加强竞争力

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [11]. Core Insights - The company has demonstrated steady growth in its main business, with a focus on platformization and internationalization to enhance competitiveness [1][2]. - The company reported a revenue of 16.63 billion yuan in 2023, a year-on-year increase of 19.35%, while the net profit attributable to shareholders was 1.77 billion yuan, a decrease of 23.45% [1]. - The company aims to increase the proportion of overseas and non-lithium battery businesses, creating a second growth curve [6]. Financial Performance - In 2023, the company achieved a revenue of 16,628 million yuan, with a year-on-year growth rate of 19.4%. The projected revenues for 2024, 2025, and 2026 are 19,671 million yuan, 22,931 million yuan, and 26,776 million yuan, respectively [1][7]. - The net profit attributable to shareholders for 2024 is expected to be 3,223 million yuan, with an EPS of 2.06 yuan, and projected to grow to 4,625 million yuan and 2.95 yuan by 2026 [1][6]. - The company's ROE is projected to improve from 14.9% in 2023 to 22.2% in 2024, stabilizing around 21.3% by 2026 [1][7]. Product Segmentation - In 2023, the revenue from lithium battery intelligent equipment, intelligent logistics systems, photovoltaic intelligent equipment, and 3C intelligent equipment were 12,642 million yuan, 1,431 million yuan, 1,028 million yuan, and 698 million yuan, respectively, with year-on-year growth rates of 27.12%, -15.55%, 121.85%, and 15.29% [2]. - The company achieved overseas revenue of 2,242 million yuan in 2023, marking an increase of 87.52% year-on-year, although the gross margin decreased to 16.15% [2]. Strategic Initiatives - The company is one of the earliest in the domestic equipment sector to pursue internationalization, establishing subsidiaries in various countries including the USA, Sweden, Germany, and Malaysia [2]. - The platformization strategy focuses on smart manufacturing technology, expanding from lithium and photovoltaic equipment to hydrogen energy, energy storage, and new energy vehicles [2]. - The company has successfully delivered significant projects, including a 2000MW hydrogen energy electrolyzer line to a Fortune 500 client and has established strategic partnerships with leading customers in the photovoltaic sector [2].