Risen Energy(SZ:300118) Guolian Securities·2024-05-08 23:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.45 CNY based on a 12x PE for 2024 [5][8]. Core Views - The company achieved stable revenue growth, with a 20.22% year-on-year increase in revenue to 35.327 billion CNY and a 45.81% increase in net profit to 1.363 billion CNY for the year 2023 [2][5]. - The company is positioned as a leader in N-type technology, with significant advancements in HJT technology and a robust production capacity of 35GW by the end of 2023 [4][5]. - The report highlights the company's improved profitability due to increased self-supply of battery cells and stable growth in module shipments, particularly in overseas markets [3][4]. Financial Performance Summary - Revenue for 2023 was 35.327 billion CNY, with a growth rate of 20.22% compared to 2022 [6]. - The net profit for 2023 was 1.363 billion CNY, reflecting a 45.81% increase year-on-year [6]. - The company’s gross margin improved to 14.58%, up 3.89 percentage points from the previous year [3][6]. - The company expects revenue growth of 6.6%, 34.7%, and 25.9% for 2024, 2025, and 2026, respectively [5][6]. Production and Technology - The company has successfully implemented HJT technology, achieving a maximum module power of 741W and a conversion efficiency of 23.90% [4]. - The self-supply ratio of battery cells has increased, contributing to improved profitability [3][4]. - The company has made significant breakthroughs in the U.S. market, with module shipments reaching 1.44GW at an average selling price of 2.88 CNY/W, significantly higher than domestic prices [3][4].