上修并网出货预期，2024越过拐点

Investment Rating - The report maintains a "Buy" rating for the company [7][12]. Core Insights - The company reported a revenue of 7.353 billion yuan in 2023, representing a year-on-year growth of 56% [5][6]. - The net profit attributable to shareholders was 0.852 billion yuan, with a year-on-year increase of 31% [5][6]. - The fourth quarter of 2023 saw a revenue of 1.702 billion yuan, a decline of 5% year-on-year and a 7% decrease quarter-on-quarter [5][6]. - In the first quarter of 2024, the company achieved a revenue of 1.126 billion yuan, down 34% year-on-year and quarter-on-quarter [5][6]. - The company experienced a total inverter sales of 686,300 units in 2023, with grid-connected inverters accounting for 532,200 units, a 15% increase year-on-year [6]. Financial Performance - The gross margin for grid-connected inverters was 29.43%, while for energy storage inverters it was 55.83% [6]. - The overall gross margin for the company in Q1 2024 was 27.5%, showing a decline due to a shift in revenue structure towards lower-margin products [6]. - The company’s operating expenses ratio was 20.0% in Q4 2023 and increased to 29.2% in Q1 2024, attributed to high R&D investments and suboptimal scale effects [6]. Future Outlook - The company anticipates a recovery in demand across its business segments, with grid-connected inverters expected to see improved order volumes [6]. - The energy storage inverter market is projected to normalize as European inventory pressures ease by the end of Q2 2024 [6]. - The company forecasts net profits of 0.7 billion yuan and 1.1 billion yuan for 2024 and 2025, respectively, with corresponding P/E ratios of 25 and 16 [6].