行业景气下行致业绩承压，双基地同步发展保障中长期成长

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][3]. Core Views - The company's performance has been pressured by a downturn in the chemical industry, leading to a decline in revenue and profit [2]. - Despite the challenges, the company is advancing its dual-base project development, which is expected to support long-term growth [2]. - The company has reported a total revenue of 27.26 billion yuan for 2023, a year-on-year decrease of 9.87%, and a net profit of 3.58 billion yuan, down 43.14% year-on-year [2][3]. Revenue and Profit Analysis - The company's main product prices have declined, resulting in a drop in overall performance. Although sales volumes for key segments such as new energy materials and organic amines increased by 20.2% and 8.8% respectively, revenue growth was hindered by price declines [2]. - The revenue growth rates for segments like new energy materials, organic amines, fertilizers, and acetic acid were 5.61%, -55.38%, 2.86%, and -2.59% respectively [2]. - The overall gross margin decreased by 8 percentage points to 20.85% [2]. Project Development and Future Outlook - The company is leveraging clean coal gasification technology and a flexible multi-product production model to enhance resource utilization and expand its product chain [2]. - The company is implementing new projects and upgrading existing ones at its Dezhou base while simultaneously developing a second base in Jingzhou, which is expected to open new growth avenues [2]. - The first phase of the Jingzhou base project has been completed and is operational, while new projects in Dezhou are also progressing well [2]. Financial Forecast - The company forecasts net profits of 4.68 billion yuan, 5.66 billion yuan, and 6.74 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.20 yuan, 2.66 yuan, and 3.17 yuan [3][9]. - The current stock price corresponds to P/E ratios of 12, 10, and 8 for the years 2024, 2025, and 2026 respectively [3][9].