2023年报点评：Q4业绩符合预期，预计24年电解液盈利见底

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 15.405 billion yuan in 2023, a decrease of 30.97% year-on-year, with a net profit attributable to shareholders of 1.891 billion yuan, down 66.92% year-on-year [3][4] - The fourth quarter of 2023 saw a revenue of 3.3 billion yuan, a quarter-on-quarter decrease of 21%, and a net profit of 140 million yuan, down 70% quarter-on-quarter [3] - The report anticipates that the profitability of the electrolyte business will bottom out in 2024, with unit profitability expected to decline to approximately 0.2 thousand yuan [3] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 15.405 billion yuan, a 30.97% decrease from the previous year, and a net profit of 1.891 billion yuan, down 66.92% [2][3] - The gross profit margin for 2023 was 26%, a decrease of 12 percentage points year-on-year [3] - The company’s electrolyte shipments reached 396,000 tons in 2023, an increase of 24% year-on-year, with a domestic market share of 36.4% [3] Profitability Outlook - The report projects that the unit profit for electrolytes will decline to about 0.2 thousand yuan in 2024, with a significant drop in profitability attributed to the price reduction of hexafluorophosphate [3] - The company expects to ship over 500,000 tons of electrolytes in 2024, maintaining a growth rate of 25% [3] Capital Expenditure and Cash Flow - Capital expenditure in 2023 was 3.1 billion yuan, a decrease of 16% year-on-year, with a significant reduction in inventory by 51% compared to the beginning of the year [4] - The net cash flow from operating activities was 2.3 billion yuan, down 45% year-on-year [4] Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2024 is adjusted to 1.213 billion yuan, a decrease of 36% year-on-year, with subsequent years showing recovery [4] - The report maintains a "Buy" rating, citing potential for profit recovery as the company is at the bottom of the cycle [4]