2023年报点评：Q4业绩符合预期，24年盈利有望改善

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - In Q4, the shipment of beryllium stone is expected to decrease by approximately 10%, but the shipment growth rate for 2024 is anticipated to recover to over 30%. The company is projected to ship 23,200 tons of beryllium stone in 2023, a year-on-year decline of 7%, with an estimated shipment of about 6,000 tons in Q4 2023, reflecting a quarter-on-quarter decrease of about 10%. With the gradual production of small particle beryllium stone and alumina products, along with the continuous ramp-up of new products, the company expects to achieve over 30% growth in beryllium stone shipments in 2024, reaching over 30,000 tons [1][14] Summary by Sections Financial Performance - The company reported total revenue of 464.55 million yuan in 2023, a year-on-year decline of 22.96%. The net profit attributable to the parent company was 24.52 million yuan, down 83.31% year-on-year. In Q4 2023, revenue was 120 million yuan, a year-on-year decline of 21% and a quarter-on-quarter decline of 11%. The net profit for Q4 was 9 million yuan, down 70% year-on-year but up 143% quarter-on-quarter. The gross margin for Q4 was 29.1%, down 8 percentage points year-on-year and up 2 percentage points quarter-on-quarter [12][14] Cash Flow and Expenses - The company's total operating expenses for 2023 amounted to 140 million yuan, an increase of 39% year-on-year, with an expense ratio of 29.5%, up 13 percentage points. In Q4 2023, operating expenses totaled 30 million yuan, reflecting a quarter-on-quarter increase of 5% and a year-on-year increase of 13%. The net cash flow from operating activities for 2023 was 6 million yuan, a year-on-year decline of 89% [2][12] Future Outlook - The company plans to launch new products in the first half of 2024, which are expected to contribute to profit growth. In the battery materials sector, the company has completed the construction of alumina production capacity, which is expected to ramp up in the first half of 2024. Additionally, the Chongqing base's 9,800 tons of thermal conductive aluminum production capacity is expected to be operational by Q2 2024 [13][14]