业绩符合预期，新项目推动成长

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [15][26]. Core Insights - The company achieved a revenue of 987 million RMB in 2023, a decrease of 2.33% year-on-year, with a net profit of 158 million RMB, down 32.63% year-on-year, which aligns with expectations [25][26]. - The company is expanding its production capacity, with a new 1000 tons/year production facility for PEKK installed and undergoing trial production, and plans to raise 650 million RMB through convertible bonds for a new lithium salt project [16][26]. - Future net profit forecasts for 2024, 2025, and 2026 are 199 million RMB, 262 million RMB, and 335 million RMB respectively, with corresponding EPS of 0.473, 0.622, and 0.797 [26][28]. Financial Summary - Revenue growth rates are projected at 20.74%, 33.69%, and 26.28% for 2024, 2025, and 2026 respectively [28]. - The company's return on equity (ROE) is expected to improve from 9.49% in 2023 to 17.10% by 2026 [28]. - The price-to-earnings (P/E) ratio is projected to decrease from 57.03 in 2023 to 19.94 in 2026, indicating potential value appreciation [28].