NARI-TECH(SH:600406) Changjiang Securities·2024-05-20 04:32Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company reported a 2023 annual revenue of 51.57 billion yuan, a year-on-year increase of 10.13%, and a net profit attributable to shareholders of 7.184 billion yuan, up 11.44% year-on-year [6][8] - In Q1 2024, the company achieved a revenue of 7.699 billion yuan, representing a 24.25% year-on-year growth, with a net profit of 596 million yuan, up 13.69% year-on-year [6][8] - The company has adjusted its business segments to enhance resource allocation and management efficiency, focusing on smart grids, digital energy integration, low-carbon energy, and industrial interconnection [7] Financial Performance Summary - In 2023, the company's gross margin slightly decreased to 26.8%, down 0.24 percentage points year-on-year, primarily due to a decline in the low-carbon energy segment [7] - The company reported a significant operating cash flow of 11.444 billion yuan in 2023, an increase of 30.6% year-on-year [7] - The company plans to achieve a revenue of 56 billion yuan in 2024, a year-on-year growth of 8.6% [7] Business Segment Performance - In 2023, the smart grid segment generated 25.635 billion yuan, a 2.57% increase year-on-year, while the digital energy integration segment saw a 21.73% increase to 11.134 billion yuan [7] - The low-carbon energy segment experienced a 33.47% growth, reaching 9.638 billion yuan, while the industrial interconnection segment decreased by 3.01% to 3.169 billion yuan [7] - The company's overseas revenue reached 1.394 billion yuan, a remarkable growth of 104.1% year-on-year, accounting for 2.7% of total revenue [7] Dividend Policy - The company proposed a cash dividend of 4.33 billion yuan for 2023, with a dividend payout ratio of 60.25%, significantly higher than the previous years' average of around 40% [7]