新宙邦电解液盈利有望触底，氟化工表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company's net profit for 2023 was CNY 1.011 billion, a decrease of 42.50% year-on-year, with total revenue of CNY 7.484 billion, down 22.53% year-on-year [4][6]. - The sales volume of battery chemicals increased to 211,200 tons in 2023, but the revenue from battery chemicals fell to CNY 5.053 billion, a decrease of 31.74% year-on-year, with a gross margin of 16.11%, down 10 percentage points [4][6]. - The organic fluorochemical business showed strong growth, achieving revenue of CNY 1.425 billion, up 21.45% year-on-year, with a gross margin of 69.91%, an increase of 4.62 percentage points [4][6]. - The report projects adjusted earnings per share for 2024-2026 to be CNY 1.59, CNY 2.17, and CNY 2.62, respectively, with corresponding price-to-earnings ratios of 22.6, 16.6, and 13.7 [4][5]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of CNY 7,484 million, a decline of 22.53% from 2022, and a net profit of CNY 1,011 million, down 42.50% year-on-year [5][6]. - The gross profit margin decreased to 28.94% in 2023 from 32.04% in 2022 [6][9]. Revenue Breakdown - Battery chemicals revenue decreased to CNY 5.053 billion, while organic fluorochemicals revenue increased to CNY 1.425 billion [4][6]. - Capacitor chemicals revenue was CNY 629 million, down 9.77% year-on-year, and semiconductor chemicals revenue was CNY 311 million, down 3.76% year-on-year [4][6]. Future Projections - The company expects revenue growth to recover in 2024, with projected revenue of CNY 8.39 billion, representing a growth rate of 12.1% [5][8]. - The net profit is projected to increase to CNY 1.224 billion in 2024, reflecting an 18.7% growth rate [5][8].