六氟磷酸锂盈利触底，多元化布局逐步完善

Investment Rating - The investment rating for the company is "Accumulate" (downgraded) [8]. Core Views - The company's performance in 2023 saw a significant decline, with total revenue of 11.937 billion yuan, down 3.41% year-on-year, and a net profit attributable to shareholders of 510 million yuan, down 73.83% [10][11]. - The decline in performance is attributed to changes in the supply-demand dynamics within the new energy vehicle industry, intensified competition in upstream materials, and significant fluctuations in raw material prices such as lithium carbonate, leading to a decrease in overall gross margin and profitability [10][11]. - The company has a diversified product portfolio in lithium battery materials, including lithium hexafluorophosphate, lithium bis(fluorosulfonyl)imide, and sodium hexafluorophosphate, with production capacities and technological advancements that position it favorably in the market [10][11]. Financial Summary - For 2024, the company is expected to achieve a net profit of 466 million yuan, with a projected growth in revenue to 15.103 billion yuan, reflecting a year-on-year increase of 26.5% [11][12]. - The gross margin is anticipated to decline to 12.2% in 2024, with a net profit margin of 3.1% [12]. - The company’s earnings per share (EPS) for 2024 is projected to be 0.39 yuan, with a price-to-earnings (P/E) ratio of 36.30 [11][12].