2023年年报点评：Q4单位盈利触底，24年预计海外增量显著

Investment Rating - The report maintains a "Buy" rating for the company [1][29] Core Views - The company achieved a net profit attributable to shareholders of 581 million yuan in 2023, a year-on-year decrease of 57.07%, which aligns with market expectations [2][11] - The company's revenue for 2023 was 22.657 billion yuan, down 24.78% year-on-year, with a gross margin of 8.58%, a decrease of 0.68 percentage points year-on-year [2][11] - The report anticipates a significant recovery in shipments in 2024, projecting a growth of over 40% [3][29] Financial Performance Summary - In Q4 2023, the company reported a revenue of 4.083 billion yuan, a year-on-year decline of 62.34% and a quarter-on-quarter decline of 28.12% [2][19] - The net profit attributable to shareholders in Q4 2023 was -35 million yuan, a year-on-year decrease of 108.04% and a quarter-on-quarter decrease of 114.79% [2][19] - The company’s total revenue for 2023 was 22.657 billion yuan, with a net profit of 581 million yuan, and a non-recurring net profit of 515 million yuan, both showing significant declines compared to the previous year [2][11] Production and Sales Outlook - The company’s ternary cathode sales reached 99,000 tons in 2023, an increase of 12% year-on-year, with production also at 103,000 tons, reflecting a similar growth [3][22] - The report estimates that the company will achieve shipments of approximately 140,000 tons in 2024, representing a year-on-year increase of over 40% [3][29] - The company has accelerated its global expansion, with production capacity in South Korea expected to reach 60,000 tons by the end of 2024 [3][22] Profitability and Cost Structure - In Q4 2023, the profit per ton for ternary cathodes was close to 5,000 yuan, a decrease of over 40% compared to the previous quarter [4][23] - The report predicts that profitability will improve starting from Q2 2024 as production capacity utilization increases [4][23] - The company’s gross margin for 2023 was 8.58%, with a net profit margin of 2.77%, both showing declines compared to the previous year [2][11]