业绩高增，双轮业务共赋成长

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated significant revenue growth, with a 2023 revenue of 11.463 billion, representing a 26% year-on-year increase. The net profit attributable to the parent company reached 1.904 billion, showing a remarkable 100.8% increase [1][3] - The report highlights the strong performance of the electric meter business, which achieved a revenue of 8.6 billion in 2023, growing by 24% year-on-year, with a gross margin of 34.0% [1][3] - The medical services segment also showed robust growth, with a revenue of 2.81 billion in 2023, up 34.6% year-on-year, and a net profit margin of 10.42% [1][3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 11.463 billion and a net profit of 1.904 billion, with gross margin at 34.0% and net margin at 16.6% [3][5] - The forecast for 2024 projects revenues of 14.475 billion and net profits of 2.295 billion, with expected growth rates of 26.3% for revenue and 20.6% for net profit [3][5] Business Segments - The electric meter business has a backlog of orders worth 12.5 billion, with 44% from overseas markets, indicating strong international demand [1] - The medical services segment includes 28 hospitals with a total of approximately 8,868 beds, and the company plans to continue expanding its rehabilitation medical services [1][3] Future Outlook - The company is expected to maintain a strong growth trajectory, with projected revenues of 18.192 billion and net profits of 2.752 billion by 2025, reflecting a compound annual growth rate of 25.7% for revenue and 19.9% for net profit [3][5] - The report emphasizes the company's strategic expansion into new product categories such as photovoltaic inverters and charging piles, alongside its core electric meter and medical services businesses [1][3]