Maintaining the accumulation rating: We maintain our forecast that the company's 2023-2025 EPS will be 0.08/0.25/0.52 yuan, maintain the target price of 9.9 yuan, and maintain the increase rating.

Performance is in line with expectations: the company achieved operating income of 512 million yuan in 2023Q1-Q3, an increase of 198.9% over the previous year, net profit of 225 million yuan, net profit of 25 million yuan, and net profit of 11 million yuan after deducting non-return net profit of 11 million yuan, turning a loss into a profit. 2023Q3 achieved operating income of 259 million yuan, a year-on-year increase of 389.8%, a year-on-month increase of 67.1%; net profit of a net profit of 221 million yuan, a year-on-year increase of 397.0%; and net profit of deduction of 0.09 billion yuan, a year-on-year increase of 143.5%.

Product structure and customer structure optimization have helped the charging pile business grow rapidly. The company has multiple series products of AC charging piles, integrated DC charging piles, and split DC charging stacks. Among them, the charging reactor products promoted by the company can significantly improve the power utilization rate and operating efficiency of field stations, and can be used with liquid-cooled terminals to meet overcharging requirements. The competitive advantage is obvious, and it can guarantee a relatively stable level of profit. On the customer side, there is a gradual shift from small and medium-sized operators to international and domestic energy giants and large-scale operators such as local urban investment and investment. High-quality customers will help the company accelerate the development of the company's charging pile business. In addition, the company is actively developing overseas expansion, mainly targeting European and Southeast Asian markets, while also actively expanding markets such as the Middle East, Australia, and Japan. Some products have been certified, and overseas markets will also become one of the focus of the company's future development.

Develop an energy storage layout to create a second engine for development. Aiming at medium and low voltage distribution networks, industrial and commercial and microgrids, and user-side markets, the company has launched two energy storage system products, 64kWh and 215kWh. The company is expected to take advantage of the advantages of charging stations to practice collaborative storage and charging development.

Risk warning: The growth rate of new energy vehicles falls short of expectations, increased competition, etc.