Investment Rating - The report maintains an "Outperform" rating for Xinte Energy (1799 HK) with a target price adjusted to HK18.80, reflecting a 28% decrease [3][11]. Core Insights - In 2023, Xinte Energy reported operating revenue of RMB 30.75 billion, a year-on-year decrease of 16.5%, and a net profit attributable to shareholders of RMB 4.35 billion, down 67.4% from the previous year [8][11]. - The company's gross profit margin fell to 33.45%, a decline of 21.84 percentage points, primarily due to a significant drop in polysilicon prices [8][11]. - The production and sales volume of polysilicon reached 191,300 tons and 202,900 tons respectively, marking increases of 52% and 90% year-on-year, which helped reduce unit costs to RMB 62,000 [9][11]. - The company anticipates an annual polysilicon production of 280,000-300,000 tons in 2024, with the proportion of N-type materials expected to exceed 80% [9][11]. Summary by Sections Financial Performance - The polysilicon business generated revenue of RMB 19.5 billion in 2023, a decrease of 23.9% year-on-year [9]. - The gross profit margin for polysilicon was 36%, down 35 percentage points from the previous year [9]. - The company recorded asset impairments totaling RMB 1.53 billion, mainly due to inventory and fixed asset write-downs [10]. Business Development - In power station construction, revenue was RMB 6.3 billion, down 18% year-on-year, with a confirmed project scale of 2.2 GW [10]. - Power station operation revenue increased by 8% to RMB 2.2 billion, with a cumulative installed capacity of 3.2 GW by the end of 2023 [10]. - The company expects the cumulative installed capacity to reach 4-5 GW by the end of 2024 [10]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 1.703 billion (-70%), RMB 2.11 billion (-77%), and RMB 2.454 billion [11]. - The report assigns a 2024 P/E ratio of 10x, reflecting an increase from the previous year's 3.5x [11].
新特能源：N型料产量占比持续提升，产能爬坡推动生产成本下降