Q1业绩承压，N型龙头地位稳固

Investment Rating - The investment rating for the company is "Buy" [2][3] Core Views - The company's performance in Q1 2024 faced pressure, with a slight decline in revenue but a significant increase in total shipment volume year-on-year [2] - The company maintains a leading position in N-type technology, with substantial growth in N-type product shipments and production capacity [2] - The company is exploring new photovoltaic production capabilities, focusing on cost reduction and efficiency improvements through technological innovation [2] Financial Performance - In 2023, the company achieved total revenue of 1186.82 billion, a year-on-year increase of 43.55%, and a net profit attributable to shareholders of 74.40 billion, up 153.20% [2][4] - For Q1 2024, the company reported revenue of 230.84 billion, a slight decline of 0.30%, and a net profit of 11.76 billion, down 29.09% [2] - The forecast for 2024-2026 indicates revenues of 990.48 billion, 1012.47 billion, and 1042.16 billion, with corresponding net profits of 55.58 billion, 67.19 billion, and 82.59 billion [3][4] Production and Technology - The company shipped 48.41GW of N-type modules in 2023, representing a year-on-year growth of 352% [2] - The average efficiency of mass-produced N-type batteries exceeded 25.8% by the end of 2023, with Q1 2024 showing an average efficiency above 26% [2] - The company has established a vertically integrated production capacity of 85GW for wafers, 90GW for cells, and 110GW for modules, with an integration rate exceeding 85% [2] Future Outlook - The company is constructing a 56GW integrated photovoltaic base in Shanxi, with the first phase of 14GW capacity starting production in March 2024 [2] - The expected revenue growth rates for 2024, 2025, and 2026 are -16.5%, 2.2%, and 2.9% respectively, indicating a challenging near-term outlook but potential recovery thereafter [3][4]