业绩符合预期，重视股东回报

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 88 CNY [1][3]. Core Insights - The company is expected to achieve a revenue of 175.36 billion CNY in 2023, reflecting a year-over-year increase of 5.92%, and a net profit of 16.81 billion CNY, up 3.57% year-over-year [3][4]. - The company emphasizes shareholder returns and aims to maintain a stable dividend payout ratio, with cash dividends over the past three years accounting for 40.65%, 31.84%, and 30.95% of net profit respectively [4][5]. - Despite a decline in product prices, the company has managed to increase sales volume due to new capacity coming online, demonstrating resilience in profitability [3][4]. Summary by Sections Company Overview - The company operates in the chemical industry, with a market capitalization of 212.59 billion CNY and a share price of 67.71 CNY as of February 2, 2024 [2]. - Major shareholders include Yantai Guofeng Investment Holding Group Co., Ltd. with a 21.59% stake [2]. Financial Performance - The company reported a significant increase in Q4 net profit, with a year-over-year growth of 56.58% [3][4]. - The average prices for key products in 2023 were as follows: MDI at 15,800 CNY/ton (down 7.5% YoY), pure MDI at 20,000 CNY/ton (down 3.2% YoY), and TDI at 18,000 CNY/ton (down 0.9% YoY) [3][4]. Earnings Forecast - The company is projected to achieve net profits of 16.81 billion CNY in 2023, 20.5 billion CNY in 2024, and 23.1 billion CNY in 2025, with corresponding EPS of 5.36, 6.53, and 7.36 CNY [5][7]. - The current P/E ratios for the next three years are estimated at 13, 10, and 9 respectively, indicating a low valuation for 2024 [4][5].