产品价格下行致业绩承压，磁组件有望打开第二成长曲线

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under pressure due to declining product prices, but the magnetic components segment is expected to open a second growth curve [1] - The company has seen a significant increase in production and sales volume, with total production reaching 15,154 tons in 2023, a year-on-year increase of 18.52% [1][5] - The automotive sector, particularly in new energy vehicles, has become the largest downstream application for the company, contributing to a revenue increase of 55% year-on-year [1] Financial Performance Summary - The company reported a revenue of 6,688 million yuan in 2023, a decrease of 6.7% year-on-year [1][4] - The net profit for 2023 was 564 million yuan, down 19.8% year-on-year, with a non-recurring net profit of 493 million yuan, down 27.7% [1][4] - The gross margin for the magnetic materials business was 15.32% in 2023, an increase of 0.22 percentage points year-on-year [1] Production and Sales Insights - The company’s total sales volume for magnetic materials reached 15,122 tons in 2023, reflecting a year-on-year increase of 25.60% [1][5] - The average selling price of products decreased from 50.5 million yuan per ton to 38.1 million yuan per ton, a decline of 35.64% [1][5] - The company is expanding its production capacity, with plans for a new production line in Mexico, which is expected to significantly benefit from market growth [1] Future Outlook - The company forecasts a net profit of 694 million yuan for 2024, with expected growth rates of 23% for the following years [1] - The report anticipates that the company will maintain a high capacity utilization rate of 90% in 2024, with continued expansion in the magnetic components segment [1]