Clenergy(SH:603628) Huachuang Securities·2024-05-11 00:31Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 20.06 yuan, based on a 25x PE for 2024 [2][10]. Core Insights - The company's revenue for 2023 reached 1.936 billion yuan, a year-on-year increase of 34.3%, with a net profit of 169 million yuan, up 54.6% year-on-year [1][2]. - The company's core business, the bracket segment, showed strong growth, achieving 1.674 billion yuan in revenue, a 36% increase year-on-year, with significant contributions from domestic and international markets [2][10]. - The company is investing in digital smart manufacturing and new product development, with R&D expenses increasing by 60.79% to 43.21 million yuan in 2023 [2][10]. - The energy storage business is expected to contribute to future growth, leveraging the existing distribution channels of the bracket products [2][10]. Financial Performance Summary - In Q1 2024, the company reported revenue of 348 million yuan, a decrease of 3.97% year-on-year and a significant decline of 46.73% quarter-on-quarter [1]. - The gross profit margin for 2023 was 22.58%, slightly up by 0.13 percentage points year-on-year, while the net profit margin was 8.73%, an increase of 1.14 percentage points year-on-year [1][2]. - The company forecasts net profits of 220 million yuan, 288 million yuan, and 376 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 21, 16, and 12 [2][11].