23年业绩同比高增，预期景气向上与成长兼具

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a total revenue of 40.74 billion yuan in 2023, representing a year-on-year growth of 10.0%, and a net profit attributable to shareholders of 4.80 billion yuan, which is a year-on-year increase of 55.1% [1] - The recovery of the C2 industry chain and internal optimization are identified as the main reasons for the significant growth in 2023 [1] - The company is focusing on high-end product development and expanding its market presence in Southeast Asia, Central Asia, Africa, and the Americas [1] Summary by Sections Financial Performance - The company reported a total revenue of 40.74 billion yuan for 2023, with a net profit of 4.80 billion yuan, marking a 55.1% increase year-on-year [1] - Revenue projections for 2023-2025 are 41.25 billion yuan, 48.85 billion yuan, and 52.66 billion yuan respectively, with net profits of 4.78 billion yuan, 7.12 billion yuan, and 8.06 billion yuan [2][3] Industry Outlook - The C2 industry is expected to stabilize and improve, driven by sufficient global natural gas supply and low ethane prices, alongside recovering terminal demand [1] - The company has a joint venture in the U.S. with an ethane pipeline capacity of 9 million tons per year, currently utilizing 3 million tons per year, which ensures raw material supply for future C2 projects [1] Project Development - The company plans to invest approximately 2.57 billion yuan in new projects, including a 2.5 million tons per year α-olefin project and several high-end polymer projects, with construction expected to start in March 2024 [1] - The company is also developing a 0.8 million tons per year multi-carbon alcohol project, which is set to begin trial production in May 2024 [1] Investment Recommendations - The report forecasts earnings per share (EPS) of 1.42 yuan, 2.11 yuan, and 2.39 yuan for 2023-2025, with corresponding price-to-earnings (PE) ratios of 11.98, 8.03, and 7.10 [2][3]