首次突破欧洲配电，当前时点再论三星医疗成长空间

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The current market capitalization of the company exceeds 40 billion RMB, and it has made its first breakthrough in the European distribution market, indicating further growth potential and valuation enhancement [1][19]. - The company's stock price has rapidly increased due to continuous performance exceeding expectations since Q1 2023, driven by high demand in the overseas distribution sector and favorable EU investment policies [2][19]. - The overseas distribution business is viewed as a second growth curve for the company, with significant expansion opportunities in South Asia, the Middle East, and Europe [3][23]. Summary by Sections 1. Review of 2023 Performance - The company's performance has consistently exceeded expectations since Q1 2023, with Q4 2023 net profit reaching 4.14 billion RMB, a year-on-year increase of 68.09% [19]. - The company has seen a steady increase in its order backlog, with a total of 12.462 billion RMB in orders as of Q1 2024, reflecting a 33.18% year-on-year growth [19]. 2. Overseas Distribution as a Growth Driver - The company has a strong domestic foundation in distribution and has successfully expanded into overseas markets, including South Asia, the Middle East, and Europe [3][23]. - The company’s subsidiary, Aixs Intelligent Technology, has maintained a leading position in domestic bids and has achieved significant breakthroughs in overseas distribution projects, including a 4.66 billion RMB contract in Greece [3][23]. 3. Valuation Restructuring Post European Breakthrough - The company’s valuation is expected to be revised upwards to 25 times earnings, aligning with the valuation of leading global electrical equipment companies like Eaton [5][19]. - The company has set ambitious performance targets for its power segment, aiming for a compound annual growth rate (CAGR) of 30% in net profit from 2024 to 2026, indicating strong confidence in achieving these goals [5][19].