计提减值拖累23年业绩，设备出海迎来发展机遇

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 16.628 billion yuan in 2023, a year-on-year increase of 19.35%, but the net profit attributable to shareholders decreased by 23.45% to 1.775 billion yuan [3][4] - The company faced challenges due to impairment provisions and a temporary decline in gross margin, with a significant increase in impairment losses reaching 1.162 billion yuan [3][4] - The company expects growth opportunities in overseas markets, particularly in lithium battery equipment and photovoltaic equipment [6][9] Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported a revenue of 3.442 billion yuan, a year-on-year decrease of 12.45%, and a net loss of 549 million yuan, a year-on-year decline of 184.09% [3] - For Q1 2024, the revenue was 3.311 billion yuan, a slight increase of 1.14%, with a net profit of 565 million yuan, a year-on-year increase of 0.21% [3] Revenue Breakdown - Lithium battery equipment revenue reached 12.642 billion yuan in 2023, up 27.12%, with a gross margin of 38.69% [4] - Photovoltaic automation equipment revenue surged by 121.85% to 1.028 billion yuan, with a gross margin of 16.78% [4] - The smart logistics system revenue decreased by 15.55% to 1.431 billion yuan, with a gross margin of 6.88% [4] Future Projections - The company is projected to achieve a net profit of 3.276 billion yuan in 2024, with an estimated EPS of 2.09 yuan [5][6] - Revenue is expected to grow to 19.775 billion yuan in 2024, with a year-on-year growth rate of 18.9% [5][6] - The company anticipates a gradual recovery in gross margin, projecting it to be 35.9% in 2024 [5][6] Market Position - The company is recognized as the largest provider of lithium battery intelligent equipment in China, holding a market share of 24.1% [9] - The company has established strong partnerships with leading global lithium battery manufacturers, positioning itself to benefit from overseas expansion [6][9] Valuation - The company is assigned a PE valuation range of 13-15 times for 2024, translating to a reasonable share price range of 27.20 to 31.38 yuan [6][13]