四季度业绩环比改善，成长板块蓄势待发

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a quarter-on-quarter improvement in Q4 performance, with growth segments poised for development [1] - The overall performance in 2023 was significantly impacted by the decline in cyclical product prices, leading to a substantial drop in annual earnings [1][3] - The company is focusing on enhancing its integrated industrial chain in fine phosphorus chemicals, aiming to improve resource and energy self-sufficiency [1][2] Financial Performance Summary - In 2023, the company achieved total revenue of 28.105 billion yuan, a year-on-year decrease of 7.28%, and a net profit attributable to shareholders of 1.379 billion yuan, down 76.44% year-on-year [1][3] - Q4 2023 revenue was 6.178 billion yuan, a year-on-year increase of 13.27%, but a quarter-on-quarter decrease of 25.73% [1] - The company’s Q4 net profit attributable to shareholders was 444.5 million yuan, down 52.67% year-on-year but up 36.85% quarter-on-quarter [1] Product and Market Insights - The company is focusing on the development of organic silicon and electronic chemicals, with significant production capacity in electronic-grade chemicals [2] - The company has a strong position in the organic silicon market, with a design capacity of 360,000 tons per year and ongoing projects expected to enhance competitiveness [2] - The company’s phosphorus chemical products have seen significant price declines, impacting profitability, but recent price increases in Q4 have led to a recovery in profit margins [1][2] Future Earnings Projections - The company’s projected net profits for 2024, 2025, and 2026 are 1.723 billion yuan, 2.224 billion yuan, and 2.444 billion yuan respectively, reflecting a recovery trend after the significant drop in 2023 [3][6] - The expected P/E ratios for 2024, 2025, and 2026 are 14.60, 13.02, and 10.09 respectively, indicating a potential for value appreciation [3][6]