2023年年报点评：业绩增长表现亮眼，资本开支渐入高峰

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook on its future growth potential [1][2]. Core Insights - The company achieved significant growth in 2023, with operating revenue reaching 5.021 billion yuan, a year-on-year increase of 58.50%, and a net profit attributable to shareholders of 248 million yuan, up 95.34% [1]. - The production and sales of polyether products saw a remarkable increase of 83%, with a total sales volume of 541,600 tons, reflecting strong demand and effective cost control [1]. - The company is undergoing substantial capital expenditure, with construction projects increasing by 442% year-on-year, indicating a commitment to expanding production capacity [1]. - A clear shareholder return plan has been established, committing to a cash distribution of no less than 20% of the annual distributable profit [1]. Financial Performance Summary - The company forecasts net profits of 371 million yuan, 521 million yuan, and 789 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.86, 1.21, and 1.83 yuan [3][8]. - The projected operating revenue for the next three years is expected to grow to 7.065 billion yuan, 9.247 billion yuan, and 11.638 billion yuan, with growth rates of 40.72%, 30.87%, and 25.86% respectively [8]. - The net profit margin is anticipated to improve, with a net profit margin of 6.78% by 2026, reflecting enhanced operational efficiency [3].