Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company has benefited from the high growth in the new energy vehicle and wind energy storage markets, achieving significant revenue growth in 2023 and continuing this trend into Q1 2024 [1]. - The company reported a total revenue of 1.06 billion yuan in 2023, a year-on-year increase of 40.41%, with a net profit attributable to shareholders of 117 million yuan, down 23.94% year-on-year [2]. - The company’s gross margin for 2023 was 40.89%, a decrease of 1.04 percentage points year-on-year, with Q1 2024 showing a further decline [1]. Financial Performance Summary - Revenue: - 2023: 1,059.56 million yuan, +40.41% YoY - 2024E: 1,396.07 million yuan, +31.76% YoY - 2025E: 1,746.92 million yuan, +25.13% YoY - 2026E: 2,158.39 million yuan, +23.55% YoY [2]. - Net Profit: - 2023: 116.98 million yuan, -23.94% YoY - 2024E: 149.26 million yuan, +27.59% YoY - 2025E: 245.36 million yuan, +64.38% YoY - 2026E: 342.19 million yuan, +39.46% YoY [2]. - Gross Margin: - 2023: 40.88% - 2024E: 39.41% - 2025E: 40.33% - 2026E: 40.93% [2]. - Earnings Per Share (EPS): - 2023: 1.77 yuan - 2024E: 2.25 yuan - 2025E: 3.70 yuan - 2026E: 5.16 yuan [2]. - Price-to-Earnings (P/E) Ratio: - 2023: 51.98 - 2024E: 40.74 - 2025E: 24.78 - 2026E: 17.77 [2]. Investment Recommendations - The report forecasts the company's revenue and net profit growth for 2024 to 2026, with expected revenues of 1.49 billion yuan, 2.45 billion yuan, and 3.42 billion yuan respectively, maintaining a "Recommended" rating [1].
新能源市场高景气助力营收高增，股份支付影响短期盈利水平