Yuanxing Energy(SZ:000683) KAIYUAN SECURITIES·2024-02-17 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The report indicates that the company's non-net profit performance exceeded expectations due to the price increase of soda ash in Q4 and the gradual release of new production capacity [5][6] - The company expects a non-net profit attributable to shareholders of 7.12 to 10.62 billion yuan for Q4 2023, representing a quarter-on-quarter growth of 57.18% to 134.50% [5][6] - The report maintains the profit forecast for 2023-2025, with expected net profits attributable to shareholders of 14.75 billion yuan, 27.41 billion yuan, and 28.18 billion yuan respectively [5][6] Summary by Sections Company Overview - The current stock price is 5.39 yuan, with a market capitalization of 201.60 billion yuan and a circulating market capitalization of 176.86 billion yuan [3] Financial Performance - For 2023, the company anticipates a non-net profit attributable to shareholders of 22.50 to 26.00 billion yuan, a year-on-year decline of 2.36% to 15.51% [5] - The company reported a net profit attributable to shareholders of 12.50 to 16.00 billion yuan for 2023 [5] Price Trends - In Q4 2023, the average prices for heavy soda ash, light soda ash, and sodium bicarbonate in Henan were 2,698 yuan/ton, 2,482 yuan/ton, and 2,131 yuan/ton respectively, with quarter-on-quarter increases of 3.51%, 1.21%, and 10.74% [6] Future Outlook - The company has initiated the second phase of its Inner Mongolia project, which includes a soda ash production capacity of 2.8 million tons/year and sodium bicarbonate of 400,000 tons/year, expected to be completed by December 2025 [6]