短期业绩承压 看好后续修复和成长

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 3.737 billion RMB in 2023, a year-on-year increase of 2.67%, while the net profit attributable to shareholders was 329 million RMB, a decrease of 20.78% [2]. - In Q1 2024, the company achieved a revenue of 921 million RMB, representing a year-on-year growth of 7.26%, but the net profit attributable to shareholders fell by 28.23% to 51 million RMB [2]. - The company is expected to recover from the impact of a fire incident that temporarily halted production, with operations gradually resuming by early February 2024 [3]. Summary by Relevant Sections Financial Performance - Revenue for 2023 was 3.737 billion RMB, with a growth rate of 2.67% compared to 2022 [6]. - The net profit for 2023 was 329 million RMB, down 20.78% from the previous year [6]. - For Q1 2024, revenue was 921 million RMB, up 7.26% year-on-year, while net profit was 51 million RMB, down 28.23% [2]. Business Segment Analysis - Electrical insulation materials generated revenue of 89.17 million RMB in Q1 2024, with a shipment volume of 0.86 thousand tons and a price of 10.4 thousand RMB per ton [2]. - Optical film materials achieved a revenue of 210 million RMB in Q1 2024, with a shipment volume of 18 thousand tons and a price of 11.6 thousand RMB per ton [2]. - Electronic materials reported a revenue of 228 million RMB in Q1 2024, with a shipment volume of 11.5 thousand tons and a price of 19.8 thousand RMB per ton [2]. - Environmental flame retardant materials generated revenue of 36 million RMB in Q1 2024, with a shipment volume of 3.5 thousand tons and a price of 9.8 thousand RMB per ton [2]. Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 452 million RMB, 594 million RMB, and 780 million RMB, respectively, with corresponding EPS of 0.49, 0.65, and 0.85 RMB [4]. - The projected P/E ratios for the same years are 17.95X, 13.68X, and 10.42X [4].