公司年报点评：短期业绩承压，积极推进碳纤维项目落地

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of Rmb22.11 [28][41]. Core Insights - The company's performance in 2023 was primarily affected by a significant decline in product sales prices and increased expenses, leading to a net profit decrease of 56.74% year-on-year [39]. - The establishment of a joint venture, Shanghai Nata, aims to advance the carbon fiber project, with equipment procurement and land acquisition already underway [40]. - The company anticipates gradual performance contributions from new business expansions, particularly in carbon fiber projects, from 2024 to 2026 [2][41]. Financial Summary - Revenue for 2023 was Rmb454.58 million, a 15.26% increase year-on-year, while net profit was Rmb21.48 million, a decrease of 56.74% [39]. - Forecasted revenues for 2024, 2025, and 2026 are Rmb506 million, Rmb620 million, and Rmb873 million respectively, with expected year-on-year growth rates of 11.4%, 22.4%, and 40.8% [30][32]. - The projected EPS for 2024, 2025, and 2026 are Rmb0.72, Rmb0.86, and Rmb1.27 respectively, reflecting a recovery trajectory after the decline in 2023 [41]