业绩实现增长，公司战略平稳发展

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company has achieved a revenue of 2.82 billion yuan in 2023, a decrease of 7.6% year-on-year, while the net profit attributable to shareholders increased by 3.1% to 610 million yuan [11]. - The company continues to expand its lubricant additive production capacity, with a designed annual capacity of 200,000 tons by the end of 2023, an increase of 30,000 tons from 2022 [5]. - The transition towards compound agents is progressing steadily, with compound agent revenue accounting for 66.5% of total revenue [12]. - The company is focusing on international market development, although revenue has slightly declined due to global geopolitical tensions affecting supply chains [11]. Financial Performance - The company reported a gross margin of 35.0% in 2023, an increase of 4.9 percentage points year-on-year [11]. - The projected net profits for 2024, 2025, and 2026 are estimated to be 760 million yuan, 966 million yuan, and 1.29 billion yuan, respectively [6]. - The company’s earnings per share (EPS) for 2023 is 2.63 yuan, with a proposed cash dividend of 13 yuan per 10 shares [11]. Production and Capacity - By the end of 2023, the company has a lubricant additive production capacity of 460,000 tons, with ongoing projects expected to be operational by the end of 2025 [5]. - The company has a comprehensive product line covering various additive categories, which supports its entry into mainstream markets [27]. Market Dynamics - The company’s foreign sales revenue reached 2.02 billion yuan, accounting for 71.7% of total revenue, indicating a strong reliance on international markets [11]. - The company is facing challenges due to a decrease in downstream demand and inventory adjustments by customers [11][29].