有机氟成长趋势未变，电解液盈利筑底

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 7.48 billion yuan in 2023, a year-on-year decline of 22.5%, and a net profit attributable to shareholders of 1.01 billion yuan, down 42.5% year-on-year [1]. - The organic fluorine segment showed strong growth, with revenue and profit significantly increasing, while the electrolyte segment was the main drag on revenue and profitability [1]. - The report anticipates a gradual recovery in profitability for the electrolyte segment, with expectations for net profits of 1.23 billion yuan, 1.80 billion yuan, and 2.48 billion yuan for 2024, 2025, and 2026 respectively [1][2]. Financial Performance Summary - Revenue breakdown by segment in 2023: Electrolyte (68%), Organic Fluorine (19%), Capacitor Chemicals (8%), Semiconductor Chemicals (4%) [1]. - Year-on-year revenue changes for 2023: Electrolyte -31.7%, Organic Fluorine +21.5%, Capacitor Chemicals -9.8%, Semiconductor Chemicals -3.8% [1]. - Gross margin by segment: Electrolyte 16.1%, Organic Fluorine 69.9%, Capacitor Chemicals 39.6%, Semiconductor Chemicals 26.9% [1]. - The report projects a revenue increase to 10.39 billion yuan in 2024, representing a growth rate of 38.8% [2]. Future Outlook - The company is expected to benefit from the exit of 3M from the market, which may lead to increased demand for its fluorinated liquids and perfluoroisobutylene products [1]. - The report suggests that the company’s strategy of producing and developing high-value products will support stable growth in the future [1].