持续打磨成本核心竞争力，静待行业否极泰来

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 2.259 billion yuan in 2023, a year-on-year increase of 13.25%, but the net profit attributable to shareholders decreased by 47.45% to 318 million yuan [1] - The company is experiencing a significant increase in production and sales volume, with production rising by 86.22% to 19,800 tons and sales increasing by 92.43% to 18,000 tons [1] - The average selling price of the company's products decreased by 41.15% to 124,300 yuan per ton due to industry supply-demand imbalance [1] - The report indicates that the company is focusing on cost control to enhance its core competitiveness while waiting for the industry to recover [1][2] Financial Summary - In 2023, the company's revenue was 2.259 billion yuan, with a year-on-year growth rate of 13.3% [3] - The net profit attributable to shareholders was 318 million yuan, reflecting a year-on-year decline of 47.4% [3] - The earnings per share (EPS) for 2023 was 0.35 yuan, down from 0.67 yuan in 2022 [3] - The company's gross profit margin for the carbon fiber business was 30.21%, a decrease of 17.64 percentage points year-on-year [1] - The report forecasts net profits of 230 million yuan, 400 million yuan, and 540 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 118X, 68X, and 50X [2]