新牌号纤维贡献增强，全产业链项目储备丰富

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.48 CNY based on a 24x P/E ratio for 2024 [3][6]. Core Insights - The company reported a revenue of 2.518 billion CNY (+0.26%) and a net profit of 873 million CNY (-6.54%) for the year [2]. - Carbon fiber remains the main contributor to the company's profits, with fiber business revenue reaching 1.667 billion CNY (+20.28%) and a gross margin of 61.85% [2]. - New fiber grades are gradually stabilizing in production, with significant revenue contributions from T800 (287 million CNY, +50.61%) and MJ series (207 million CNY, +54.45%) [2]. - The company's comprehensive gross margin slightly decreased to 48.66%, while the net profit margin fell to 33.40% due to reduced exchange gains and increased impairment losses [2]. - The company is steadily advancing its integrated supply chain construction with a rich reserve of new projects, including various aerospace and wind power applications [2]. Financial Summary - The company's revenue for 2023 was 2,518 million CNY, with a projected increase to 3,209 million CNY in 2024 (+27.5%) and 3,970 million CNY in 2025 (+23.7%) [5]. - The net profit for 2023 was 873 million CNY, expected to rise to 1,052 million CNY in 2024 (+20.5%) and 1,261 million CNY in 2025 (+19.9%) [5]. - The earnings per share (EPS) for 2023 was 1.05 CNY, projected to increase to 1.27 CNY in 2024 and 1.52 CNY in 2025 [5].