EVA供需望改善，多项目投产支撑业绩持续增长

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The supply and demand for EVA are expected to improve, with multiple projects coming online to support continuous growth in performance [2] - The company reported a revenue of 6.78 billion yuan for 2023, a decrease of 17% year-on-year, and a net profit of 446 million yuan, down 49% year-on-year [2] - In Q4 2023, the company achieved a revenue of 1.84 billion yuan, an increase of 6% year-on-year and 7% quarter-on-quarter, with a net profit of 42 million yuan, down 53% year-on-year and 47% quarter-on-quarter [2] Performance Analysis - The company's EVA resin production reached 160,500 tons and sales were 160,200 tons for the year, achieving nearly full production and sales, with a year-on-year sales growth of 13% [2] - The EVA business maintained a high gross margin of 40.95% for the year, although Q4 saw a decline in EVA resin prices due to weak demand in the photovoltaic industry [2] - The company anticipates a significant increase in photovoltaic component production in Q1 2024, which is expected to drive demand for EVA and support a rebound in prices [2] Future Outlook - The company is actively promoting the construction of a new materials platform, with several production facilities expected to come online in 2024, including a 90,000 tons/year VA facility and various other high-margin product lines [3] - The company plans to build a 300,000 tons/year POE project, with the first phase of 100,000 tons expected to be completed by 2025, enhancing its competitiveness in the photovoltaic materials sector [3] - The profit forecast for 2024-2025 has been adjusted to 550 million yuan and 670 million yuan respectively, with a new forecast of 1.01 billion yuan for 2026, reflecting the growth potential from the new materials platform [3]