2023Q4环比改善，第二曲线有望放量年年报点评报告2023

Investment Rating - The report maintains a "Buy" rating for the company [11][23]. Core Views - The company is expected to see a recovery in profit margins for its main product, carbon black, alongside the anticipated growth in new materials [8][23]. - The company has made significant investments in the conductive carbon black sector, indicating confidence in the long-term trend towards domestic production [21][22]. - The financial forecast for 2024-2026 predicts net profits of 354 million, 537 million, and 632 million yuan, with corresponding P/E ratios of 19, 13, and 11 times [23][45]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 9.451 billion yuan, a year-on-year decrease of 4.47% [18][39]. - The net profit attributable to shareholders was -243 million yuan, a significant drop of 2806.85% compared to the previous year [39]. - The operating cash flow for Q4 2023 was 4.96 billion yuan, with a year-on-year increase of 171.83% [13][23]. Market Conditions - The average price of carbon black in Q4 2023 was 9,453 yuan per ton, reflecting a 7.0% increase from the previous quarter [21][27]. - The price of coal tar, a key raw material, averaged 4,409 yuan per ton in Q4 2023, which is a 2.4% increase from the previous quarter [21][27]. Strategic Developments - The company is expanding its production capacity for conductive carbon black, with planned investments of 10.08 billion yuan and 6.02 billion yuan for new facilities in Inner Mongolia and Jiangxi [21][22]. - The company is also diversifying into new carbon materials, including carbon nanotubes and rubber composite materials, to enhance its product offerings [22].