新产品体系全方位布局，全球化进程加速

Investment Rating - The investment rating for the company is "Increase" [15] Core Views - The company reported a revenue of 22.657 billion yuan in 2023, a year-on-year decrease of 24.78%, and a net profit attributable to the parent company of 580.91 million yuan, down 57.07% year-on-year. The decline in revenue and profit is attributed to significant fluctuations in upstream raw material prices, intensified industry competition, and increased investments in overseas and new product projects [18][27] - The company optimized its supply chain and inventory management, achieving a production of 102,800 tons of positive electrode materials, a 12% increase year-on-year, and a sales volume of 99,400 tons, also up 12% year-on-year. The inventory decreased by 13% year-on-year to 3,600 tons [18] - The company is focusing on global expansion, having established a 20,000-ton ternary production capacity in South Korea and is currently constructing additional capacities. The company has made progress in developing customers in Japan, South Korea, and Europe, and has set up an office in North America [18] - The company is innovating with new technology products, including semi-solid positive electrode materials and manganese iron lithium products, which have begun mass production [18] Financial Summary - The company’s total assets are 24.639 billion yuan, with a debt-to-asset ratio of 58.3% [3][20] - The projected revenues for 2024, 2025, and 2026 are 21.962 billion yuan, 26.409 billion yuan, and 33.923 billion yuan, respectively, with expected growth rates of -3.07%, 20.25%, and 28.45% [18][28] - The projected net profit attributable to the parent company for the same years is 787.48 million yuan, 1.350 billion yuan, and 1.846 billion yuan, with growth rates of 35.56%, 71.47%, and 36.69% [18][28]