业绩稳健增长，各业务协同发力

Investment Rating - The report maintains an "Accumulate" rating for the company [6][10]. Core Views - The company, Wanma Co., Ltd., reported a revenue of 15.121 billion yuan in 2023, representing a 3% increase year-on-year, and a net profit attributable to shareholders of 555 million yuan, which is a 35% increase [10]. - The cable polymer segment achieved a revenue of 4.872 billion yuan in 2023, with a 21% increase in shipment volume to 480,000 tons and a gross margin improvement of 1.28 percentage points to 16.7% [10]. - The charging pile segment saw a significant reduction in losses, with a net profit of -90 million yuan compared to -134 million yuan in 2022, and a 19% year-on-year increase in the number of public charging piles to 32,600 units [10]. Financial Summary - The latest closing price of the company's stock is 8.69 yuan, with a total market capitalization of 9 billion yuan [9]. - The company has a total share capital of 1.035 billion shares, with a circulating share capital of 1.027 billion shares [9]. - The company's debt-to-asset ratio stands at 60.6%, and the price-to-earnings ratio is 15.73 [9]. Earnings Forecast - The forecasted net profits for 2024, 2025, and 2026 are 707 million yuan, 849 million yuan, and 1.059 billion yuan, respectively, with corresponding price-to-earnings ratios of 12.73x, 10.60x, and 8.50x [10][13].