业绩稳健增长，全方位布局电网数字化

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company is actively supporting the digital transformation of the power grid, having assisted 13 provincial companies in promoting the Marketing 2.0 initiative and achieving over 300 million registered users on the online State Grid APP [1]. - The company reported a revenue of 76.73 billion yuan in 2023, a year-on-year increase of 0.76%, and a net profit attributable to shareholders of 8.28 billion yuan, up 3.43% year-on-year [3]. - The company is expected to see a significant increase in net profit, with projections of 9.91 billion yuan in 2024, 11.69 billion yuan in 2025, and 13.64 billion yuan in 2026 [3][4]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 1.02 billion yuan, a year-on-year decrease of 22.98%, and a net profit of 0.12 billion yuan, down 83.22% year-on-year [2]. - For Q4 2023, the company reported a revenue of 3.73 billion yuan, a year-on-year increase of 25.27%, and a net profit of 0.49 billion yuan, up 26.89% year-on-year [3]. - The gross profit margin for 2023 was 21.56%, showing a slight increase of 0.96 percentage points compared to the previous year [3]. Revenue and Profit Forecast - The company forecasts revenues of 8.63 billion yuan in 2024, 9.66 billion yuan in 2025, and 10.77 billion yuan in 2026, with corresponding net profits of 9.91 billion yuan, 11.69 billion yuan, and 13.64 billion yuan respectively [2][3]. - The projected growth rates for net profit are 19.6% in 2024, 18.0% in 2025, and 16.7% in 2026 [2][3]. Research and Development - The company has significantly increased its R&D investment, focusing on innovations in energy control, mobile internet, satellite, and network communication [3].