业绩短期承压，新兴市场开拓驱动长期成长

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 20.85 CNY [6][14]. Core Insights - The company reported a revenue of 4.845 billion CNY in 2023, a year-on-year increase of 7.15%, and a net profit of 707 million CNY, up 6.93% year-on-year [2][3]. - Despite short-term pressure on performance due to insufficient demand and price reduction, the company is expected to achieve stable long-term growth driven by its expansion into emerging markets and continuous product development [3][4]. - The company is one of the few globally that operates across three major capacitor types, with a complete product range and industry chain, which positions it well for future growth [3][4]. Financial Performance - In 2023, the aluminum electrolytic capacitor segment generated revenue of 3.970 billion CNY, growing by 10.80% year-on-year, while the film capacitor segment saw a revenue increase of 40.66% to 456 million CNY [4][5]. - The supercapacitor segment, however, faced a decline in revenue, dropping by 27.87% to 221 million CNY [5]. - The company plans to distribute a cash dividend of 2.6 CNY per 10 shares, amounting to approximately 221 million CNY [2]. Market Outlook - The company is actively developing new products and core materials while expanding into new markets and clients, which is expected to yield positive results in the long term [3][4]. - The growth in applications for aluminum electrolytic capacitors in sectors such as renewable energy, electric vehicles, and charging stations has exceeded 30% [4]. - The film capacitor segment is anticipated to benefit from increased demand in the wind and solar storage applications, with existing orders in the electric vehicle sector [4]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 5.625 billion CNY, 6.628 billion CNY, and 7.790 billion CNY, respectively, with net profits expected to reach 886 million CNY, 1.074 billion CNY, and 1.261 billion CNY [14][20].