出货量持续高增，海外布局加速落地

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 37.72 CNY for 2024, based on a 23x PE ratio [18][10]. Core Insights - The company experienced a revenue decline of 24.78% year-on-year in 2023, with total revenue of 22.657 billion CNY and a net profit of 581 million CNY, down 57.07% year-on-year [7][9]. - Despite the revenue drop, the company maintained its leading position in the market with a global market share exceeding 10% in ternary cathode materials, achieving a shipment of approximately 100,000 tons, up 11% year-on-year [7][8]. - The company is expanding its production capacity and accelerating its overseas layout, with over 200,000 tons of cathode capacity established, including high-nickel and sodium-ion cathodes [8][9]. Financial Summary - The company's financial forecasts for 2024 to 2026 indicate expected revenues of 22.935 billion CNY, 25.434 billion CNY, and 28.838 billion CNY, with growth rates of 1.22%, 10.90%, and 13.39% respectively [18]. - The projected net profits for the same period are 793 million CNY, 1.068 billion CNY, and 1.459 billion CNY, with corresponding growth rates of 36.56%, 34.62%, and 36.60% [18]. - The company's EBITDA is forecasted to be 1.468 billion CNY in 2024, increasing to 2.152 billion CNY by 2026 [9][18]. Market Position and Strategy - The company has developed advanced high-nickel ternary products and is recognized by leading industry clients, with plans to further penetrate the automotive market in 2024 [8]. - The company is also focusing on the development of solid-state batteries and has established partnerships with top lithium battery clients in Japan and South Korea, while expanding its presence in North America and Europe [8][9].