降低库存推进研发，加快海外产能建设

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focused on reducing inventory, advancing research and development, and accelerating overseas capacity construction [1] - In 2023, the company achieved revenue of 15.127 billion yuan, a year-on-year decrease of 28.86%, and a net profit attributable to shareholders of 1.924 billion yuan, down 14.8% year-on-year [5][6] - The company has successfully reduced inventory levels, with a year-end inventory of approximately 0.2 thousand tons, a decrease of 51% year-on-year [5] - The company is expanding its customer base both domestically and internationally, with major clients including global leaders in lithium battery manufacturing [5] - The company has a diverse product range and is making progress in the development of new products across various categories [5] - The overseas capacity layout is progressing smoothly, with a total planned capacity of 500,000 tons in Europe [5] Financial Performance - The company’s revenue for 2023 was 15.127 billion yuan, with a year-on-year decline of 28.9% expected for 2024 [6] - The net profit attributable to shareholders is projected to be 1.470 billion yuan in 2024, reflecting a year-on-year decrease of 23.6% [6] - The gross margin for 2023 was 18.1%, with expectations of 16.9% for 2024 [6] - The company’s return on equity (ROE) for 2023 was 14.7%, projected to decrease to 10.1% in 2024 [6] - The price-to-earnings (P/E) ratio is expected to be 10.06 in 2024, decreasing to 9.35 in 2025 [6]