行业下行期价格承压，荆州一期打造新成长点

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company reported a revenue of 27.26 billion yuan in 2023, a year-on-year decrease of 9.87%, and a net profit attributable to shareholders of 3.576 billion yuan, down 43.14% year-on-year [5]. - The fourth quarter of 2023 saw a revenue increase of 9.36% year-on-year, reaching 7.914 billion yuan, while the net profit for the same period was 649 million yuan, a decrease of 14.09% year-on-year [5]. - The company plans to distribute a cash dividend of 6 yuan for every 10 shares, which accounts for 35.63% of the projected net profit for 2024 [5]. - The company is focusing on new growth points through the launch of its Jingzhou Phase I project, which is expected to enhance profitability [5]. Financial Performance Summary - In 2023, the company achieved a gross margin of 20.85%, down 8.09 percentage points year-on-year, but the gross margin for Q4 2023 improved to 17.77%, up 2.37 percentage points year-on-year [5]. - Revenue from new energy materials, fertilizers, and organic amines showed mixed results, with total revenues of 15.476 billion yuan, 5.676 billion yuan, and 2.675 billion yuan respectively, reflecting year-on-year growth of 5.61%, 2.86%, and a decline of 55.38% [5]. - The company expects net profits for 2024, 2025, and 2026 to be 4.723 billion yuan, 5.402 billion yuan, and 6.221 billion yuan respectively, indicating a recovery trend [5][7]. Project Development - The Jingzhou Phase I project is set to produce 1 million tons of urea, 1 million tons of acetic acid, and 150,000 tons of DMF annually, which is anticipated to drive revenue growth [5]. - The company is also advancing its projects in Dezhou, focusing on new energy and materials, which are expected to enhance overall profitability [5].