23年经营性现金流大幅增长，3C电芯自供率持续提升

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% relative to the benchmark index in the next 6 to 12 months [7]. Core Insights - In 2023, the company achieved revenue of 47.862 billion yuan, a year-on-year decrease of 8.24%, while the net profit attributable to shareholders was 1.076 billion yuan, a slight increase of 0.77% [2]. - The operating cash flow saw a significant increase, reaching 3.62 billion yuan, up 547.5% year-on-year, driven by a reduction in raw material prices and improved operational efficiency [2]. - The company is enhancing its self-supply ratio of 3C battery cells, which is expected to increase product value and improve margins [2]. - The company plans to repurchase shares worth 300 to 500 million yuan as part of its strategy to reward investors [2]. Financial Summary - Revenue projections for 2024-2026 are 60.019 billion yuan, 72.357 billion yuan, and 87.878 billion yuan, respectively, with expected growth rates of 25%, 21%, and 21% [1]. - The net profit forecast for the same period is 1.411 billion yuan, 1.757 billion yuan, and 2.155 billion yuan, with growth rates of 31%, 24%, and 23% [1]. - The company's gross margin for 2023 was 14.6%, with an increase of 0.76 percentage points year-on-year [2]. Market and Demand Outlook - The demand for consumer electronics is gradually recovering, with expected growth in global smartphone and PC sales of 2.8% and 2.0% in 2024, respectively [2]. - The company is focusing on increasing its self-supply ratio of consumer battery cells, which reached a gross margin of 14.91% in 2023, up 1.1 percentage points year-on-year [2]. Innovation and R&D - The company has made significant investments in R&D, achieving mass production of silicon anode batteries and developing fast-charging capabilities [2]. - The company is also working on new battery technologies, including super-fast charging batteries [2]. Shareholder Returns - The company is planning a new round of share repurchases, aiming to buy back shares worth 300 to 500 million yuan, which will be canceled to enhance shareholder value [2].