业绩符合预期,N-TOPCon 产能释放巩固量增利稳

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance met expectations, with a recovery in profitability. In 2023, the company reported revenue of 15.97 billion yuan, a year-on-year increase of 91.1%, and a net profit attributable to shareholders of 160 million yuan, up 142.2% year-on-year [1][1] - The company is experiencing a significant increase in N-TOPCon capacity, which is expected to stabilize profit margins while increasing sales volume [1] - The global photovoltaic market continues to grow, with the company's market share in N-TOPCon technology expected to rise from 30% in 2023 to 70% in 2024 [1][1] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 6.56 billion yuan, a year-on-year increase of 82.8%, but a net profit of 15 million yuan, down 90.5% year-on-year due to asset impairment losses of 190 million yuan [1] - For Q1 2024, the company achieved revenue of 2.95 billion yuan, a year-on-year increase of 90.0%, with a net profit of 20 million yuan, up 60.0% quarter-on-quarter [1] - As of the end of Q1 2024, the company's contract liabilities reached 1.1 billion yuan, significantly up from 730 million yuan at the end of 2023 [1] Market Trends - The global photovoltaic installation is expected to continue its high growth, with 390 GW of new installations in 2023, a year-on-year increase of 69.6%. The Chinese market contributed significantly, with 216.3 GW of new installations, up 147.5% year-on-year [1] - The company is actively transitioning to N-TOPCon technology, which is becoming an irreversible trend in the photovoltaic industry, as evidenced by the closure of approximately 50 GW of P-type capacity by the end of 2023 [1] Strategic Initiatives - The company has returned to the top ten in global photovoltaic module shipments, with a total shipment of 16.4 GW in 2023, a year-on-year increase of 147.4% [1] - The company is also adjusting its energy storage business strategy, with a target of reaching 2.5 GWh of energy storage container assembly line production by mid-2024 [1] - The company has revised its net profit forecasts for 2024-2026 to 290 million, 440 million, and 570 million yuan, respectively, corresponding to PE ratios of 49, 32, and 25 times [1]