户用光伏持续高增长，低压电器经营稳健

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 20.55 and a sector rating of "Outperform" [1] Core Views - The company reported a year-on-year revenue increase of 24.53% in 2023, reaching RMB 57.25 billion, but the net profit attributable to shareholders decreased by 8.27% to RMB 3.69 billion [4][6] - The first quarter of 2024 saw a 10.06% decline in net profit to RMB 1.08 billion, although it represented a 55.49% increase compared to the previous quarter [4][7] - The low-voltage electrical equipment segment continues to grow, with revenue of RMB 20.14 billion in 2023, up 7.84% year-on-year, and an increase in gross margin by 1.85 percentage points to 28.04% [4][6] - The household photovoltaic business experienced rapid growth, with revenue from photovoltaic power station contracting reaching RMB 27.30 billion, a 126.86% increase year-on-year, and a market share of 29% in new installations [4][6] - The company is enhancing its global presence, with over 30 localized subsidiaries and a 65% localization rate, achieving international revenue of RMB 4.47 billion, a 16% increase [4][6] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of RMB 57.25 billion, with a net profit of RMB 3.69 billion, reflecting an 8.27% decrease [4][6] - The first quarter of 2024 reported a net profit of RMB 1.08 billion, down 10.06% year-on-year but up 55.49% quarter-on-quarter [4][7] Business Segments - The low-voltage electrical segment generated RMB 20.14 billion in revenue, growing 7.84% year-on-year, with a gross margin of 28.04% [4][6] - The household photovoltaic segment saw a revenue increase of 126.86% to RMB 27.30 billion, with a significant market share in new installations [4][6] Global Expansion - The company has established over 30 localized subsidiaries, achieving a 65% localization rate, and reported international revenue growth of 16% [4][6]