传统炭黑行业短期承压，公司积极布局特种炭黑领域

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][20]. Core Views - The traditional carbon black industry is under short-term pressure, but the company is actively expanding into the specialty carbon black sector, which is expected to provide new growth opportunities [2][20]. - The company reported a revenue of 9.451 billion yuan in 2023, a decrease of 4.5% year-on-year, and a net profit attributable to shareholders of -243 million yuan, a significant decline of 2806.9% year-on-year [2][3]. - The company’s carbon black sales volume increased by 4.73% year-on-year to 942,000 tons, which helped mitigate the revenue decline despite a downward trend in carbon black prices [3][19]. Financial Summary - Revenue is projected to grow from 9.854 billion yuan in 2024 to 11.063 billion yuan in 2026, with year-on-year growth rates of 4.3%, 6.5%, and 5.5% respectively [2][20]. - The net profit is expected to recover to 288 million yuan in 2024, 446 million yuan in 2025, and 525 million yuan in 2026, reflecting growth rates of 218.4%, 55.0%, and 17.8% respectively [20]. - The company’s return on equity (ROE) is projected to improve from -8.1% in 2023 to 13.1% in 2026 [2][14]. Industry Context - The carbon black industry is facing significant overcapacity, with an average operating rate of only 59.35% as of December 2023, leading to intense market competition [4][9]. - The company has established stable relationships with major tire manufacturers, including Bridgestone, Michelin, and Goodyear, which enhances its competitive advantage in the market [19][20]. - The report highlights that the domestic low-end carbon black capacity is expected to accelerate its exit from the market, benefiting companies that are actively investing in specialty carbon black products [9][20].