新产品加速落地，海外业务迎高增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 65.34 CNY, based on a 2024 PE of 18 times [6][9]. Core Views - The company is accelerating the launch of new products and experiencing significant growth in overseas markets, particularly in the lithium battery separator segment [2][4]. - The company has adopted a price reduction strategy to increase market share, resulting in a 11.1% year-on-year increase in separator shipment volume in the first half of 2023, achieving a market share of 34.7% [3]. - The successful development of a new type of separator product, the semi-solid electrolyte composite membrane, presents new market opportunities, especially in low-temperature environments [5]. Financial Forecasts - Revenue projections for 2023, 2024, and 2025 are 132.76 billion CNY, 152.55 billion CNY, and 179.07 billion CNY, with corresponding growth rates of 5.44%, 14.91%, and 17.38% [6][7]. - The net profit attributable to the parent company is expected to be 31.21 billion CNY, 35.52 billion CNY, and 42.11 billion CNY for the same years, with growth rates of -21.99%, 13.81%, and 18.57% respectively [6][7]. - Earnings per share (EPS) are projected to be 3.19 CNY, 3.63 CNY, and 4.31 CNY for 2023, 2024, and 2025 [6][7]. Market Position and Strategy - The company has established its first overseas lithium battery separator production base in Hungary, with a total capacity exceeding 400 million square meters, and has signed agreements for significant supply commitments [4]. - The company’s unique online coating technology is expected to provide cost advantages as more production lines are installed in 2024 [3].