短期业绩承压，积极推进碳纤维项目落地

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 454.58 million yuan in 2023, a year-on-year increase of 15.26%, but the net profit attributable to shareholders decreased by 56.74% to 21.48 million yuan due to falling product prices and rising expenses [6][10] - The establishment of a joint venture, Shanghai Nata, aims to advance the carbon fiber project, with significant investments in equipment and land acquisition [7] - The company expects to achieve earnings per share (EPS) of 0.72 yuan, 0.86 yuan, and 1.27 yuan for the years 2024 to 2026, respectively, with a projected reasonable value range of 20.10 to 22.11 yuan based on a price-to-book ratio (PB) of 2.0-2.2 [8][10] Financial Performance Summary - In 2023, the company experienced a decline in gross profit margin to 18.5% from 21.5% in 2022, primarily due to increased costs and lower sales prices [10][15] - The company’s total revenue is projected to grow to 506 million yuan in 2024, 620 million yuan in 2025, and 873 million yuan in 2026, with a compound annual growth rate (CAGR) of 40.8% from 2024 to 2026 [10][15] - The net profit is expected to rebound significantly in 2024, reaching 69 million yuan, representing a year-on-year growth of 221.2% [10][15] Business Development - The company is actively pursuing the carbon fiber project, with equipment installation completed for fundraising projects, aiming for early production to enhance market competitiveness [7][12] - The company has secured land use rights for its projects, indicating a commitment to expanding its operational capacity [7] Earnings Forecast - The earnings forecast for the company indicates a recovery in profitability, with net profit expected to increase to 83 million yuan in 2025 and 122 million yuan in 2026 [10][15] - The gross profit margin is anticipated to stabilize around 21% in the coming years, reflecting improved operational efficiency [10][15]