Putailai(SH:603659) Minsheng Securities·2024-04-13 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Insights - The company reported a revenue of 15.34 billion yuan in 2023, a year-on-year decrease of 0.80%, and a net profit attributable to shareholders of 1.91 billion yuan, down 38.42% year-on-year [1]. - In Q1 2024, the company achieved a revenue of 3.03 billion yuan, a year-on-year decline of 17.97%, and a net profit of 445 million yuan, down 36.64% year-on-year [1]. - The company's negative electrode materials and graphitization segment generated revenue of 6.61 billion yuan in 2023, a decrease of 16.01% year-on-year, while the sales volume of negative electrode materials increased by 11.35% year-on-year [1]. - The company leads the market with a 40.73% share in the domestic wet-process separator sales, with a total sales volume of 5.27 billion square meters in 2023, up 21.50% year-on-year [1]. - New product development is progressing positively, with strategic partnerships established for composite copper foil and solid-state battery technologies [1]. Financial Performance Summary - The company forecasts revenues of 16.44 billion, 21.57 billion, and 26.30 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 7.2%, 31.2%, and 21.9% [2][5]. - The net profit attributable to shareholders is projected to be 2.08 billion, 2.83 billion, and 3.48 billion yuan for the same years, with growth rates of 8.8%, 36.2%, and 22.8% [2][5]. - The company's PE ratios are expected to be 21, 15, and 12 for the years 2024, 2025, and 2026, respectively [2][5].