23Q1单季业绩承压，期待全年并网放量及海外户储库存改善

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company experienced pressure on its quarterly performance in Q1 2024, with expectations for improved performance driven by increased grid connections and inventory recovery in overseas household storage [1][3]. - The company reported a significant increase in revenue for 2023, achieving 7.353 billion yuan, a year-on-year growth of 56.10%, and a net profit of 852 million yuan, up 31.24% [1][2]. Financial Performance Summary - In Q1 2024, the company reported revenue of 1.126 billion yuan, a decline of 34.50% year-on-year, and a net loss of 29 million yuan, down 108.57% year-on-year [1]. - The company's inverter sales in 2023 reached approximately 686,300 units, with grid-connected inverters accounting for about 77.54% of total sales [2]. - The revenue from energy storage batteries in 2023 was 869 million yuan, reflecting a year-on-year increase of 38.66% [2]. - The gross margin for the company in 2023 was 30.76%, a decrease of 1.7 percentage points year-on-year [2]. Profit Forecast and Investment Recommendations - The company is expected to see net profits of 720 million yuan, 1.005 billion yuan, and 1.322 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -15.5%, +39.6%, and +31.4% [3]. - The report anticipates that as inventory levels normalize, the company's performance will improve in the coming years [3].