业绩逐季向好，成本优势保障未来盈利

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [12]. Core Views - The company reported a revenue of 29.136 billion yuan in 2023, a year-on-year increase of 2.48%, while the net profit attributable to shareholders was 5.651 billion yuan, a decline of 10.34% year-on-year [1][4]. - The decline in profits is attributed to falling prices of olefins and coke, but the company managed to stabilize overall performance by increasing production volume [1][5]. - The company is a leader in China's new coal chemical industry, with major operations in coal-to-olefins and coking, producing polyethylene, polypropylene, and coke [1][4]. - The company has expanded its coal production capacity by 1 million tons per year and increased olefin production capacity through new projects, which is expected to support future growth [1][5]. Financial Performance Summary - The company's gross margin for 2023 was 30.40%, a decrease of 2.47 percentage points year-on-year, while the net margin was 19.39%, down 2.78 percentage points year-on-year [4][5]. - In Q4 2023, the company achieved a revenue of 8.735 billion yuan, a year-on-year increase of 25.77%, and a net profit of 1.760 billion yuan, a year-on-year increase of 89.25% [4][5]. - The company expects earnings per share (EPS) of 1.08 yuan and 1.31 yuan for 2024 and 2025, respectively, with corresponding price-to-earnings (PE) ratios of 14.57 and 12.06 based on the closing price of 15.74 yuan on March 25, 2024 [5][6]. Market Data - As of March 25, 2024, the company's closing price was 15.74 yuan, with a market capitalization of 115.427 billion yuan [2]. - The company has a price-to-book (P/B) ratio of 3.00 and a net asset return (ROE) of 14.66% [2][4].