23年盈利承压，新产品有望逐步贡献业绩增量

Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the benchmark index by 10%-20% over the next 6-12 months [6][22]. Core Views - The company reported a revenue of 465 million RMB for 2023, a year-on-year decline of 22.96%, and a net profit attributable to shareholders of 24.52 million RMB, down 83.31% year-on-year. The results were in line with market expectations [1][23]. - The demand in the new energy sector has seen a temporary decline, leading to pressure on the profitability of coating materials. The company's revenue from lithium battery coating materials was 374 million RMB, a decrease of 22.60% year-on-year, with a gross margin drop of 16.05 percentage points to 27.48% [1][23]. - The company is actively developing next-generation coating materials and has established stable partnerships with leading battery and diaphragm manufacturers, which is expected to support growth in product sales [1][23]. - New products are anticipated to gradually contribute to profit growth, with the company entering the Huawei 5G product supply chain and establishing collaborations in various high-tech material sectors [1][23]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 465 million RMB, with a net profit of 24.52 million RMB, reflecting a significant decline compared to 2022 [1][23]. - The gross profit margin for 2023 was 26.18%, down from 40.41% in 2022, indicating increased cost pressures and competitive pricing in the market [23][24]. Product Development - The company is focusing on high-purity quartz sand production, with plans for a 20,000-ton annual capacity project announced in February 2024, and has formed a strategic partnership in this area [1][23]. - The company has successfully introduced aluminum thermal conductive materials into leading electric vehicle manufacturers and is capable of mass production of low-alpha ray spherical alumina for high-end chip packaging [1][23]. Market Outlook - The report projects adjusted earnings per share for 2024-2026 at 0.36, 0.56, and 0.78 RMB respectively, with corresponding price-to-earnings ratios of 59.2, 38.1, and 27.1 times [1][23].