电新行业2023年年报与2024年一季报综述：盈利整体承压，周期拐点有望逐步显现

Investment Rating - The report maintains an "Outperform" rating for the electric power equipment and new energy industry [1][2][3] Core Insights - The electric power equipment and new energy industry experienced revenue growth in 2023, with total revenue reaching CNY 51,208.14 billion, a year-on-year increase of 10.23%, while net profit attributable to shareholders decreased by 15.41% to CNY 3,755.63 billion [1][2][3] - The industry is expected to maintain high demand in 2024, with signs of a potential profit turning point as capacity gradually clears [1][2][3] - The first quarter of 2024 showed continued profit pressure, with net profit down 45.53% year-on-year to CNY 602.94 billion [3][4] Summary by Sections Overall Industry Performance - In 2023, the electric power equipment and new energy industry saw total revenue of CNY 51,208.14 billion, up 10.23% year-on-year, but net profit fell by 15.41% to CNY 3,755.63 billion [2][4] - The average gross margin for the industry was 21.36%, down 0.86 percentage points, and the net margin was 8.58%, down 2.13 percentage points [2][4] New Energy Vehicles - The new energy vehicle sector generated revenue of CNY 20,286.42 billion, a 9.80% increase, but net profit dropped by 33.71% to CNY 1,358.89 billion [2][4] - The average gross margin for this sector was 20.55%, down 2.33 percentage points, and the net margin was 7.99%, down 4.19 percentage points [2][4] Renewable Energy Generation - The renewable energy generation sector achieved revenue of CNY 26,940.73 billion, a 9.68% increase, with net profit of CNY 2,069.24 billion, down 1.18% [2][4] - The average gross margin was 21.18%, up 0.07 percentage points, while the net margin was 8.97%, down 0.79 percentage points [2][4] Power Equipment - The power equipment sector reported revenue of CNY 3,981.00 billion, a 16.44% increase, and net profit of CNY 327.50 billion, up 10.55% [2][4] - The average gross margin was 26.68%, up 0.12 percentage points, and the net margin was 8.94%, down 0.57 percentage points [2][4] Cash Flow - The overall operating cash flow for the industry was CNY 8,305.61 billion, a 14.93% increase year-on-year [2][4] - The new energy vehicle sector had a cash inflow of CNY 3,807.48 billion, up 35.60%, while the renewable energy generation sector saw a slight decline in cash inflow [2][4] 2024 Outlook - In the first quarter of 2024, the industry faced continued profit pressure, with total revenue of CNY 10,381.64 billion, down 8.14% year-on-year, and net profit of CNY 602.94 billion, down 45.53% [3][4] - The new energy vehicle sector's revenue was CNY 4,001.96 billion, down 12.87%, while the renewable energy generation sector's revenue was CNY 5,531.93 billion, down 6.67% [3][4]