业绩符合预期，高分子材料具备发展潜力

Investment Rating - The investment rating for the company is "Buy" with a target price of 12.00 CNY, maintaining the rating from previous assessments [15]. Core Insights - The company reported a revenue of 15.121 billion CNY in 2023, a year-on-year increase of 3.04%, and a net profit attributable to shareholders of 555 million CNY, up 34.97% year-on-year. The fourth quarter of 2023 saw a revenue of 3.377 billion CNY, down 8.25% year-on-year and 25.03% quarter-on-quarter [10]. - The significant profit growth is attributed to the optimization of product structure, particularly in high-margin cable materials, with production capacity for ultra-high voltage materials continuing to ramp up [10]. - The company has seen a 10.53% year-on-year increase in revenue from its charging pile business, with a 33% increase in sales volume, indicating strong growth potential in this sector [11]. - A strategic cooperation agreement with Sinopec is expected to enhance the cable material business, ensuring resource supply and facilitating overseas market expansion [12]. Financial Performance Summary - The company’s projected revenues for 2024-2026 are 18.757 billion CNY, 22.956 billion CNY, and 24.896 billion CNY, with year-on-year growth rates of 24.05%, 22.39%, and 8.45% respectively. Net profits are expected to be 818 million CNY, 1.028 billion CNY, and 1.234 billion CNY, with growth rates of 47.22%, 25.67%, and 20.07% respectively [13]. - Earnings per share (EPS) are projected to be 0.79 CNY, 0.99 CNY, and 1.19 CNY for the same period, reflecting a compound annual growth rate (CAGR) of 30.48% over three years [13]. - The company’s financial metrics indicate a healthy outlook, with a price-to-earnings (P/E) ratio of 15 times for 2024, suggesting a favorable valuation compared to peers [13].