活性炭隐形冠军，全面发力新能源生物质碳材料

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 22.84 CNY per share, based on a 28x PE for 2024 [32]. Core Insights - The company has shown steady growth in its main business of activated carbon, with revenues increasing from 373 million CNY in 2013 to 1.2 billion CNY in 2022, achieving a CAGR of 14% [1]. - The silica segment has also experienced rapid growth, with sodium silicate revenue rising from 133 million CNY in 2015 to 533 million CNY in 2022, reflecting a CAGR of 22% [1]. - The company has successfully transitioned from gaming to manufacturing, resulting in a net profit increase from 54 million CNY in 2019 to 224 million CNY in 2022 [2]. - The company achieved a revenue of 1.478 billion CNY in the first three quarters of 2023, a year-on-year increase of 1.97%, with a net profit of 176 million CNY, up 5.75% year-on-year [2]. Summary by Sections Company Overview - The company has been deeply involved in the activated carbon industry for 24 years and is expanding into biomass silicon and carbon materials [8]. - It has established itself as a global leader in wood-based activated carbon, with a production capacity of 500 tons per year and a market share exceeding 20% by 2014 [8]. Financial Performance - The gross margin for activated carbon has improved from 21-22% (2013-2016) to 27-30% (2017-2022) due to scale effects and product diversification [3]. - The net profit margin has reached double digits since 2020, indicating improved profitability [3]. Business Segments - The activated carbon segment is expected to benefit from increasing environmental demands and the gradual replacement of coal-based activated carbon, with projected sales of 135,000 tons in 2023 [29]. - The silica segment is also anticipated to grow, driven by rising demand for eco-friendly tires, with sodium silicate sales expected to reach 300,000 tons by 2025 [45]. Market Position - The company is positioned to capture a larger share of the high-end activated carbon market, which is currently dominated by international giants [65]. - The report highlights the potential for the company to replace imported high-end products with its own offerings, particularly in the biomass carbon materials sector [84].