2023年年度报告点评：业绩实现稳健增长，积极研发创新产品

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months compared to the Shanghai Composite Index [5][13]. Core Viewpoints - The company has achieved steady growth in revenue and profit, with a focus on expanding its one-stop service in the power consulting, design, system integration, engineering construction, and operation and maintenance sectors [2][10]. - The company is actively increasing its investment in research and development, with a 50.58% year-on-year increase in R&D expenses, aimed at meeting diverse needs in the power industry [3][21]. - The company is expected to continue its growth trajectory, with projected revenues of 1.347 billion, 1.663 billion, and 2.014 billion yuan for 2024, 2025, and 2026, respectively [13][17]. Financial Performance - In 2023, the company achieved operating revenue of 1.0616744 billion yuan, a year-on-year increase of 22.96%, and a net profit attributable to shareholders of 256.3285 million yuan, up 13.09% year-on-year [2][17]. - The system integration business generated revenue of 696 million yuan, growing by 2.58%, while the construction and operation business saw a significant increase of 125.27%, reaching 307 million yuan [2][17]. - The company’s gross profit margin for the construction and operation business was 43.14%, while the gross profit margin for the power design business was 63.72% [2][17]. Research and Development - The company is developing innovative products such as a new generation of four-legged inspection robots for substations, aimed at enhancing inspection capabilities in complex environments [3][21]. - The R&D efforts include the development of a microgrid comprehensive energy management platform and distributed control terminals to improve the efficiency of renewable energy grid connection and management [3][21]. Future Outlook - The company plans to align with industry trends towards digitalization and intelligence in the power sector, focusing on system integration and expanding its capabilities in smart grid and advanced technologies [21]. - The projected earnings per share (EPS) for the next three years are expected to be 1.32, 1.67, and 2.07 yuan, with corresponding price-to-earnings (P/E) ratios of 17.33, 13.70, and 11.02 [13][17].