业绩符合预期，市场份额持续提升

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Views - The company's performance in 2023 met expectations, with a reported profit of 1.891 billion RMB, a year-on-year decline of 66.92%. The decrease aligns with the company's prior earnings forecast [3][4]. - Despite the overall slowdown in the electrolyte market and intensified competition, the company's core product sales continued to grow, with electrolyte sales reaching 396,000 tons, a year-on-year increase of approximately 24% [3][4]. - The company has improved its integration level, with self-supply ratios for key raw materials exceeding 93% for liquid lithium hexafluorophosphate and 80% for some core additives, maintaining a leading market share of 36.4% in the domestic electrolyte market [3][4]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 15.405 billion RMB, a decrease of 31% compared to 2022. The EBITDA was 3.022 billion RMB, and the net profit attributable to shareholders was 1.891 billion RMB, reflecting a significant decline of 66.9% [4][5]. - The gross profit margin decreased to 25.92%, down 12.05 percentage points year-on-year, while the net profit margin fell to 11.96%, a decrease of 14.23 percentage points [5][7]. Future Projections - The report adjusts the earnings per share (EPS) forecasts for 2024-2026 to 0.68, 1.04, and 1.39 RMB, respectively, with corresponding price-to-earnings ratios of 32.1, 20.9, and 15.7 times [3][4]. - Revenue projections for 2024 are set at 15.383 billion RMB, with a slight decline expected, followed by a recovery in 2025 and 2026 [4][6]. Market Position - The company continues to enhance its market position, with a focus on maintaining a competitive edge through increased self-supply of key materials and strategic partnerships with major domestic and international clients [3][4].