跟踪支架订单进入兑现期

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% compared to the CSI 300 index over the next six months [7]. Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 6.39 billion yuan, a year-on-year increase of 72.6%, and a net profit attributable to shareholders of 345 million yuan, up 676.6% year-on-year [1]. - The company has a strong order backlog, with approximately 5.9 billion yuan in tracking bracket orders as of the end of Q1 2024, corresponding to about 12.6 GW of orders based on the average sales price in 2023 [2]. - The company is experiencing rapid business growth in key overseas markets, including the Middle East, Central Asia, and Latin America, supported by the Belt and Road Initiative [3][4]. Financial Summary - In Q4 2023, the company reported revenue of 29.97 billion yuan, a year-on-year increase of 107.6%, and a net profit of 1.88 billion yuan, up 229% year-on-year [1]. - For Q1 2024, the company achieved revenue of 18.14 billion yuan, a year-on-year increase of 122.5%, with a net profit of 1.54 billion yuan, up 297.2% year-on-year [1]. - The company forecasts revenues of 10.19 billion yuan, 12.46 billion yuan, and 15.39 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 800 million yuan, 1 billion yuan, and 1.26 billion yuan for the same years [5]. Market Performance - The company has seen a 129% year-on-year increase in tracking bracket shipments, totaling 7.6 GW in 2023 [2]. - The company has secured multiple large projects in the Middle East and Central Asia, enhancing its market presence in these regions [3]. Valuation Metrics - The company's P/E ratio is projected to decrease from 41.78 in 2023 to 11.42 by 2026, indicating an improving valuation as earnings grow [6][15]. - The company's net profit margin improved to 8.1% in Q1 2024, up from 6.3% in Q4 2023 [1].