盈利能力持续改善，新项目稳步推进

Investment Rating - The report maintains a "Buy" rating for the company [10][16][34] Core Views - The company's net profit is expected to grow by 25.9% year-on-year, achieving the best performance in its history [16][20] - The company has seen a continuous improvement in profitability, with a projected revenue of 2.606 billion yuan in 2023, a decrease of 3.3% year-on-year, while net profit is expected to reach 315 million yuan [3][16] - The company is expanding its market share, with production and sales of its main products exceeding 180,000 tons, a year-on-year increase of over 25% [8][16] - The decline in raw material prices, particularly for organic silicon, is expected to further enhance the company's profitability [25][34] - New high-value-added projects are being launched, indicating strong long-term growth potential for the company [26][34] Financial Forecasts and Metrics - Revenue projections for 2023-2025 are as follows: 2.606 billion yuan in 2023, 3.419 billion yuan in 2024, and 4.127 billion yuan in 2025 [3][34] - Net profit forecasts for the same period are 315 million yuan, 389 million yuan, and 475 million yuan respectively [3][34] - Earnings per share (EPS) are projected to be 0.81 yuan in 2023, 0.99 yuan in 2024, and 1.21 yuan in 2025 [3][34] - The company's price-to-earnings (P/E) ratios are expected to be 14.8, 12.0, and 9.8 for 2023, 2024, and 2025 respectively [3][34] - The return on equity (ROE) is projected to improve from 13.0% in 2023 to 16.2% in 2025 [3][34]