2023年年报点评：优化结构改善盈利，利润同比仍有承压

Investment Rating - The investment rating for the company is "Buy" [1][3][19] Core Views - The company has shown a slight increase in revenue but faced pressure on profits, with a revenue of 25.89 billion yuan in 2023, a year-on-year increase of 0.3%, and a net profit of 2.22 billion yuan, a year-on-year decrease of 37.8% [1][4] - The company is focusing on structural optimization to improve profitability, with a diversified layout expected to provide growth momentum [1][19] - The wind turbine blade segment has seen a recovery in profitability, while the lithium membrane segment is expanding rapidly, and the glass fiber segment is expected to stabilize [1][19] Revenue and Profit Analysis - In 2023, the company achieved a revenue of 25.89 billion yuan, with a net profit of 2.22 billion yuan, and an adjusted net profit of 1.96 billion yuan, reflecting a decrease of 10.7% year-on-year [1][4] - The revenue breakdown shows that glass fiber and products generated 8.38 billion yuan (down 8.3%), wind turbine blades 9.47 billion yuan (down 0.75%), and lithium membranes 2.44 billion yuan (up 30.6%) [1][4][10] - The fourth quarter alone saw a revenue of 7.66 billion yuan, a decrease of 4.3% year-on-year, and a net profit of 520 million yuan, down 54.3% year-on-year [1][4] Segment Performance - The wind turbine blade segment sold 21.6 GW, a year-on-year increase of 5.0%, with a revenue of 9.47 billion yuan and a gross margin of 18.3%, up 9.7 percentage points [1][12] - The glass fiber segment sold 1.36 million tons, a year-on-year increase of 17.0%, but faced a revenue decline to 8.38 billion yuan, with a net profit of 1.02 billion yuan, down 64.0% [1][14] - The lithium membrane segment sold 1.73 billion square meters, a year-on-year increase of 52.9%, achieving a revenue of 2.44 billion yuan and a net profit of 740 million yuan, up 54.4% [1][18] Financial Forecasts - The company expects earnings per share (EPS) for 2024, 2025, and 2026 to be 1.38, 1.71, and 2.10 yuan respectively, with corresponding price-to-earnings (PE) ratios of 11.2, 9.0, and 7.3 [1][20] - Revenue is projected to grow to 29.30 billion yuan in 2024, 33.40 billion yuan in 2025, and 37.60 billion yuan in 2026, reflecting a compound annual growth rate [2][20]