报表稳健业绩高增，彰显强劲实力

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant revenue increase of 79.5% year-on-year in 2023, reaching 72.25 billion yuan, with a net profit attributable to shareholders of 9.44 billion yuan, up 162.7% year-on-year [1] - In Q1 2024, the company reported revenue of 12.61 billion yuan, slightly exceeding expectations, with a net profit of 2.1 billion yuan, reflecting a year-on-year increase of 39.1% [1] - The gross margin and net margin for 2023 were 30.4% and 13.3%, respectively, showing improvements of 5.8 percentage points and 4.1 percentage points year-on-year [1] Summary by Relevant Sections Financial Performance - In 2023, the company recorded a revenue of 72.25 billion yuan, a year-on-year increase of 79.5%, and a net profit of 9.44 billion yuan, up 162.7% [1][2] - The gross margin for 2023 was 30.4%, while the net margin was 13.3% [1] - For Q1 2024, the company achieved a revenue of 12.61 billion yuan, with a net profit of 2.1 billion yuan, reflecting a year-on-year increase of 39.1% [1] Business Segments - The photovoltaic inverter business generated revenue of 27.65 billion yuan in 2023, with a year-on-year growth of 75.9% and a shipment volume of 130 GW, up 66.8% [1] - The energy storage business achieved revenue of 17.8 billion yuan in 2023, a year-on-year increase of 75.8%, with an average price of 1.7 yuan/Wh, maintaining a gross margin of 37.5% [1] - The wind power converter business and distributed power station business also showed strong growth, with the renewable energy investment and development business generating revenue of 24.7 billion yuan, up 113.2% year-on-year [1] Future Outlook - The company expects to maintain a shipment volume of 150-170 GW for inverters in 2024, with a growth rate of over 20% [1] - For the energy storage segment, the company anticipates shipments of 20-24 GWh in 2024, with a gross margin expected to remain above 40% [1]