公司信息更新报告：业绩承压，稳步推进光学基膜、锂电隔膜产能释放

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1.253 billion yuan in 2023, an increase of 8.7% year-on-year, while the net profit attributable to shareholders was 95.42 million yuan, a decrease of 15.9% year-on-year. The decline in profit was influenced by the ongoing capacity construction of lithium battery separators and losses in optical base films [4] - The company is steadily advancing the capacity release of optical base films and lithium battery separators, which is expected to enhance its overall competitiveness and support future growth [4] Financial Summary - Revenue (million yuan): 2022A: 1,153; 2023A: 1,253; 2024E: 1,669; 2025E: 1,982; 2026E: 2,260 [2] - Net profit attributable to shareholders (million yuan): 2022A: 113; 2023A: 95; 2024E: 155; 2025E: 202; 2026E: 253 [2] - Gross margin (%): 2022A: 25.7; 2023A: 27.1; 2024E: 26.8; 2025E: 28.3; 2026E: 29.3 [2] - Net margin (%): 2022A: 9.8; 2023A: 7.6; 2024E: 9.3; 2025E: 10.2; 2026E: 11.2 [2] - ROE (%): 2022A: 5.5; 2023A: 4.4; 2024E: 6.6; 2025E: 8.0; 2026E: 9.1 [2] - EPS (diluted, yuan): 2022A: 0.39; 2023A: 0.33; 2024E: 0.53; 2025E: 0.69; 2026E: 0.87 [2] - P/E (times): 2022A: 31.7; 2023A: 37.7; 2024E: 23.3; 2025E: 17.8; 2026E: 14.2 [2] - P/B (times): 2022A: 1.7; 2023A: 1.7; 2024E: 1.5; 2025E: 1.4; 2026E: 1.3 [2] Business Segmentation - In 2023, the revenue from reflective films and optical base films was 952 million yuan and 127 million yuan, respectively, with year-on-year growth of 8.57% and a decline of 9.93% [5] - The company maintained its position as the global leader in reflective films, improving shipment volume and gross margin through formula and process optimization [5] - The lithium battery separator products have achieved mainstream customer certification and are in mass production, with significant projects planned for future capacity expansion [5]