Shuangliang Eco-Energy(600481) 华创证券·2024-05-08 13:32Investment Rating - The report maintains a "Recommend" rating for the company [12][29]. Core Views - The company achieved a revenue of 231.49 billion yuan in 2023, representing a year-on-year increase of 59.91%. The net profit attributable to shareholders was 15.02 billion yuan, up 57.06% year-on-year [13]. - The company's silicon wafer business is expanding rapidly, with a projected shipment of 65GW in 2024. The overall revenue from photovoltaic products reached 172.73 billion yuan in 2023, a year-on-year increase of 100.41% [30]. - The company is expected to see a recovery in profitability, with net profits projected at 8.09 billion yuan, 11.80 billion yuan, and 14.36 billion yuan for 2024, 2025, and 2026 respectively [30]. Financial Summary - Total revenue (million yuan): - 2023A: 23,149 - 2024E: 25,041 - 2025E: 31,302 - 2026E: 38,632 - Year-on-year growth rates (%): - 2023: 59.9% - 2024: 8.2% - 2025: 25.0% - 2026: 23.4% [3][30] - Net profit attributable to shareholders (million yuan): - 2023A: 1,502 - 2024E: 809 - 2025E: 1,180 - 2026E: 1,436 - Year-on-year growth rates (%): - 2023: 57.1% - 2024: -46.1% - 2025: 45.8% - 2026: 21.7% [3][30] - Earnings per share (yuan): - 2023A: 0.80 - 2024E: 0.43 - 2025E: 0.63 - 2026E: 0.77 [3][30] Market Position and Future Outlook - The company maintains a leading market share in the reduction furnace equipment sector, with over 65% market share. The electrolyzer equipment is expected to contribute to new growth due to the rapid development of the hydrogen production market [30]. - The company has a strong order backlog in energy-saving and water-saving equipment, with total revenue from this segment reaching 29.62 billion yuan in 2023, a year-on-year increase of 8.21% [30].