2023年年报点评：业绩增长符合预期，多品类布局抗周期优势凸显

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company's performance in 2023 met expectations, with a slight revenue decline of 0.63% year-on-year, totaling 27.76 billion yuan. However, the net profit attributable to shareholders decreased by 27.81% to 3.18 billion yuan [2]. - The diversified product portfolio has provided stable revenue, although profit margins were pressured due to price declines. Key products such as lysine and threonine saw volume increases, but their selling prices dropped significantly [2]. - The company is advancing in synthetic biology, enhancing its technological capabilities and production efficiency, which is expected to contribute to future earnings growth [2]. - The company is positioned as a global leader in amino acids, with significant scale and cost advantages, projecting net profits of 3.02 billion yuan in 2024, with an EPS of 1.02 yuan [2][3]. Financial Summary - In 2023, the company achieved total revenue of 27.76 billion yuan, with a year-on-year growth rate of -0.63%. The net profit attributable to shareholders was 3.18 billion yuan, reflecting a decline of 27.81% [3]. - The forecast for 2024 estimates revenue growth of 12.6%, reaching 31.26 billion yuan, with net profit expected to decrease slightly to 3.02 billion yuan [3]. - The company's earnings per share (EPS) for 2024 is projected at 1.02 yuan, with a price-to-earnings (PE) ratio of 11 times [3].