协鑫集成：N型后发优势显现，储能业务增长可期

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 2.42 CNY per share [22]. Core Insights - The company focuses on low-carbon photovoltaic and energy storage integrated solutions, leveraging both first-mover advantages in market expansion and competitive experience, as well as a significant share of TOPCon battery and large-size components [2][11]. - In 2023, the company achieved a revenue of 15.968 billion CNY, representing a year-on-year growth of 91.15%, and a net profit attributable to shareholders of 158 million CNY, up 142.24% year-on-year [2][12]. - The company has successfully released production capacity for TOPCon batteries and large-size components, with component shipments reaching 16.42 GW in 2023, a year-on-year increase of 147.5% [2][11]. Financial Data and Valuation - Revenue projections for 2024-2026 are 23.281 billion CNY, 28.611 billion CNY, and 34.199 billion CNY, with corresponding growth rates of 45.8%, 22.9%, and 19.5% [4][12]. - The net profit attributable to shareholders is forecasted to be 267 million CNY, 429 million CNY, and 574 million CNY for 2024-2026, with growth rates of 69.24%, 60.79%, and 33.68% respectively [4][12]. - The company's EPS is expected to be 0.05 CNY, 0.07 CNY, and 0.10 CNY for the same period, with a three-year CAGR of 53.8% [12]. - The company’s P/E ratio is projected to decrease from 83.5 in 2023 to 22.9 in 2026, indicating improving valuation metrics [4][12].