业绩表现超预期，提质增效重回报

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 70.01 CNY [2][6]. Core Insights - The company achieved a total revenue of 175.36 billion CNY in 2023, representing a year-on-year growth of 5.9%. The net profit attributable to shareholders was 16.81 billion CNY, with a growth of 3.6% year-on-year [5][6]. - The company is a global leader in polyurethane, with significant capacity in MDI and TDI production, and is expanding its production capabilities [5][6]. - The petrochemical segment is facing challenges due to low market conditions, but upcoming projects are expected to enhance production capacity [5][6]. - The company is focusing on high-end materials and has made progress in developing new materials to replace imports, aiming to become a globally recognized platform in the new materials sector [5][6]. - The company has a strong commitment to shareholder returns, with a dividend payout ratio of no less than 30% as per its 2021-2023 plan [5][6]. Financial Forecast and Valuation - The forecasted net profits for 2023, 2024, and 2025 are 16.81 billion CNY, 20.38 billion CNY, and 23.73 billion CNY, respectively, with corresponding P/E ratios of 13.1, 10.8, and 9.3 [3][6]. - Revenue is expected to grow from 175.36 billion CNY in 2023 to 200.17 billion CNY in 2024, and further to 232.47 billion CNY in 2025, reflecting a growth rate of 14.1% and 16.1% respectively [3][6]. - The company’s return on equity (ROE) is projected to be 17.1% in 2024 and 16.5% in 2025, indicating stable profitability [3][6].