新项目持续推进，平抑周期波动

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 27.26 billion yuan in 2023, a decrease of 9.9% year-on-year, and a net profit attributable to shareholders of 3.58 billion yuan, down 43.1% year-on-year. The net profit after deducting non-recurring gains and losses was 3.70 billion yuan, a decline of 42.3% year-on-year. In Q4, the company achieved a revenue of 7.91 billion yuan, an increase of 9.4% year-on-year and 13.3% quarter-on-quarter, with a net profit of 650 million yuan, down 14.1% year-on-year and 46.7% quarter-on-quarter [5][6]. - The company is optimistic about its long-term growth prospects due to the continuous rollout of new projects, including the development of high-end new materials and the establishment of a second base in Jingzhou, which is expected to support long-term growth [5][6]. - The company plans to distribute a cash dividend of 0.60 yuan per share (before tax) for the year 2023 [5]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 27.26 billion yuan, with a gross profit of 5.68 billion yuan, resulting in a gross margin of 21% [10]. - The projected net profits for 2024, 2025, and 2026 are 4.87 billion yuan, 5.62 billion yuan, and 6.20 billion yuan, respectively [6][10]. Market Dynamics - The company faces challenges with downstream demand recovery not meeting expectations and new project progress being slower than anticipated [5][6]. - The prices of key products such as urea, DMF, and others have shown fluctuations, with Q4 2023 market prices for major products experiencing a range of changes [6][10]. Future Outlook - The company is positioned at the bottom of the cycle, with expectations for improvement in operating conditions as terminal demand continues to recover and cost pressures ease [6][10]. - The company’s diversified product portfolio and leading production capabilities are expected to mitigate operational volatility and support future growth [6][10].