Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company reported impressive growth in its 2023 annual report and 2024 Q1 report, with a revenue of 3.443 billion yuan in 2023, representing a year-on-year increase of 140.19%, and a net profit attributable to shareholders of 217 million yuan, up 123.30% year-on-year [2][4]. - The environmental equipment segment showed significant growth, with revenue from the semiconductor-related photovoltaic sector reaching 3.198 billion yuan in 2023, a 161.55% increase, accounting for 92.88% of total revenue [2]. - The company has secured over 11.5 billion yuan in new contracts since 2023, with an order backlog of approximately 7 billion yuan as of March 2024, indicating strong demand for its equipment [2]. - The battery segment is expected to gradually realize its potential, with a contract signed with JinkoSolar for the sale of approximately 2.5 billion photovoltaic battery cells over two years, corresponding to about 20GW of capacity [2][4]. - The company's cash flow situation has improved significantly, with a net cash outflow from operating activities reduced by 82.45% year-on-year to -130 million yuan in 2023, attributed to a focus on high-quality customers and optimized payment methods [2]. Financial Summary - The company forecasts net profits attributable to shareholders of 650 million yuan, 976 million yuan, and 1.158 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 4.53 yuan, 6.80 yuan, and 8.06 yuan [4]. - Revenue is projected to grow to 11.993 billion yuan in 2024, reflecting a growth rate of 248.35% [4]. - The company’s EBITDA is expected to reach 864.93 million yuan in 2024, with a significant increase in profitability metrics [4].
2023年报&2024年一季报点评：业绩高增表现亮眼，电池业务逐步兑现