景气下行业绩承压，项目投产贡献增量

Investment Rating - The investment rating for the company is "Buy-B" [1][3]. Core Views - The company is experiencing pressure on performance due to industry downturns, but project contributions are expected to provide incremental growth [1][3]. - The company reported a revenue of 27.26 billion yuan in 2023, a decrease of 9.87% year-on-year, and a net profit attributable to shareholders of 3.58 billion yuan, down 43.14% year-on-year [1][4]. - The company is positioned as a leader in the coal chemical industry, leveraging its flexible production capabilities and low-cost advantages to expand its product lines in response to market changes [3][4]. Financial Performance Summary - In 2023, the company’s gross profit margin was 20.85%, a decrease of 8.09 percentage points year-on-year [1][4]. - The company’s projected revenues for 2024-2026 are 32.73 billion yuan, 37.77 billion yuan, and 41.30 billion yuan, representing year-on-year growth rates of 20.1%, 15.4%, and 9.3% respectively [3][4]. - The net profit attributable to shareholders is expected to be 4.67 billion yuan, 5.81 billion yuan, and 6.73 billion yuan for 2024-2026, with growth rates of 30.5%, 24.5%, and 16.0% respectively [3][4]. Product Performance Summary - The company’s revenue from new energy materials, organic amines, fertilizers, and acetic acid and derivatives in 2023 were 15.48 billion yuan, 2.67 billion yuan, 5.68 billion yuan, and 2.05 billion yuan, with year-on-year changes of 5.61%, -55.38%, 2.86%, and -2.59% respectively [1][4]. - The sales volume for these products was 2.18 million tons, 0.52 million tons, 3.26 million tons, and 0.72 million tons, with year-on-year changes of 20.20%, 8.80%, 14.89%, and 24.20% respectively [1][4]. Future Growth Potential - The company is expanding its production capacity with new projects in its Dezhou and Jingzhou bases, which will enhance its product structure and growth potential [3][4]. - The Jingzhou base is expected to achieve an annual production capacity of 1 million tons of urea, 1 million tons of acetic acid, and 150,000 tons of dimethylformamide (DMF) upon reaching full capacity [1][3].