营收净利齐创历史新高，发展迈入新篇章

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company achieved record high revenue and net profit in 2023, with revenue of 1.896 billion yuan (up 80.54% year-on-year) and net profit of 349 million yuan (up 56.89% year-on-year) [2][8] - The company is positioned as the largest and only publicly listed company in China focused on the mining, production, and sales of fluorite, with stable resource reserves of 27 million tons [7] - The company is expanding its operations internationally, particularly in Mongolia, to enhance resource utilization and contribute to local economic development [25] - The company is also advancing in the field of intelligent manufacturing, with successful trials of smart blasting vehicles [7] Financial Performance - In 2023, the company reported a weighted average return on equity (ROE) of 23.45% and proposed a cash dividend of 1.81 billion yuan, with a payout ratio of 51.9% [2][8] - The company’s gross profit margin for 2023 was 34.58%, a decrease of 9.85 percentage points year-on-year [8] - The company’s sales volume for fluorite, anhydrous hydrofluoric acid, and lithium mica concentrate in 2023 were 44.13 thousand tons, 2.89 thousand tons, and 1.85 thousand tons, respectively [47] Future Projections - The company expects to achieve net profits of 513 million yuan, 717 million yuan, and 797 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 47.0%, 39.7%, and 11.2% [21][36] - The diluted earnings per share (EPS) are projected to be 1.65 yuan, 2.30 yuan, and 2.56 yuan for the same years [21][36] - The company is focusing on enhancing its production capacity and resource utilization, particularly in the fluorite and lithium sectors, to maintain its leading position in the industry [14][54]